With over a million FTX creditors owed up to $50 billion, FTX’s former CEO has expressed interest in starting a business to repay them all.
Repaying Aggrieved Customers
The founder and former CEO of the bankrupt cryptocurrency exchange FTX have expressed interest in forming a new venture to repay the customers he owes money to.
According to bankruptcy filings from Nov. 14, Bankman-Fried’s exchange may have “more than 1 million creditors.” Estimates of how much FTX may have lost range from $10 billion to $50 billion.
Bankman-Fried reiterated his previous statements during his so-called media apology tour, saying he “didn’t knowingly commit fraud.” “I don’t believe I committed any fraud.”
Bankman-Fried also acknowledged that he “wasn’t nearly as competent” as he thought he was. Meanwhile, after days of back-and-forth between US House Representative Maxine Waters and Bankman-Fried, the FTX founder has been officially confirmed as a witness for the House Committee on Financial Services hearing on December 13.
SBF to Appear In Congress DEC 13
His name is now officially on the list of witnesses scheduled to appear at the Dec. 13 hearing, titled “Investigating the Collapse of FTX, Part I,” as of Dec. 11. The other witness, who was already added on December 9, is none other than John Ray, the new CEO of FTX.
Bankman-Fried controversially missed the deadline to confirm his attendance at a Senate Committee hearing on FTX’s collapse, which was scheduled for December 14. Committee Chair Sherrod Brown warned Bankman-Fried in a letter dated Dec. 7 that the senator was prepared “to issue a subpoena to compel your testimony.”
Brown and Senator Pat Toomey stated on December 9 that Bankman-Fried did not respond to the deadline and that the committee “will continue to work on having him appear before Congress.”
Toomey tweeted on December 9 that he was “pleased” Bankman-Fried would appear at the House hearing and that he expects the FTX founder to appear at the Senate hearing the next day.
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