VOT Research Desk
Market Analytics and Considerations
Sam Bankman-Fried, the founder of the defunct cryptocurrency exchange FTX, expressed sorrow about his decision to file for bankruptcy in an appearance with Vox and attacked regulators.
Later, Bankman-Fried claimed on Twitter that the interview’s foundation—a correspondence on the same launch pad not intended to be publicly disclosed.
Each of the key affiliate firms of the defunct company, which filed for bankruptcy last week, has recruited five new independent non – executive directors, includes Alameda research. Together with the recently hired Chief Executive John J. Ray, the 5 new executives are guiding the bankruptcy proceedings.
Bankman-Fried said in the interview that those overseeing FTX’s Chapter 11 bankruptcy were attempting to burn everything to the ground out of humiliation,” and that he had two weeks to fund $8 billion and preserve the business.
Raising the funds will essentially be the only thing that counts for the remainder of his life, he said.
His one greatest error had been “Section 11. If I hadn’t done that, clients would be receiving full refunds in a month.”
Regulators, he said, just make things terrible. They absolutely do not safeguard clients, he declared.
Bankman-Fried did not speak on behalf of FTX, FTX US, or Alameda Research, according to a statement posted on Twitter by Ray.
The U.S. Securities and Exchange Commission is one of many international regulators that FTX claims to be in touch with.
Following the interview’s publication by Vox, Bankman-Fried claimed that some of his remarks were “thoughtless or unnecessarily aggressive” and that he had been venting about private matters.
