Here’s Why Sam-Bankman Fried Intends To Start A New Business

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SBF new business

The post <strong>Here’s Why Sam-Bankman Fried Intends To Start A New Business</strong> appeared first on Coinpedia Fintech News

Sam Bankman-Fried, the former CEO of FTX, stated that he is interested in launching a new business to pay back over one million FTX creditors, who are owed up to a whopping $50 billion.

Bankman-Fried, a 30-year-old who established FTX, one of the world’s largest cryptocurrency exchanges, was worth an estimated $16 billion and is now worth nearly nothing. After crumbling under the strain of an increase in consumers attempting to withdraw their money, FTX filed for bankruptcy.

According to sources, Bankman- Fried may have illegally acquired nearly $10 billion in cash from FTX clients for his trading firm, Alameda Research, the future of which is also tremendously hazy. Alameda Research was actually the beginning of SBF’s crypto empire, as well as its demise.

It is unexpected that after the failure of these two businesses, SBF still harbors entrepreneurial aspirations and wants to launch a new company.

The Motivation Behind The New Venture

In an interview with the BBC that was published on Saturday, SBF said that he would “give anything” to launch a new business.

“I’m going to be thinking about how we can help the world and if users haven’t gotten much back, I’m going to be thinking about what I can do for them,” he said. “And I think at the very least, I have a duty to FTX users to do right by them as best as I can.”

The management of the cryptocurrency exchange has been termed a “total failure of corporate controls” by FTX’s new management since its collapse. According to Bankman-Fried, he accepts responsibility for the failure and claims that he was unaware of the level of risk that FTX and Alameda were taking on across both businesses.

SBF to Testify Before The House Committee

SBF has declared his willingness to provide testimony to the House Financial Services Committee. The declaration follows a public exchange between SBF and Maxine Waters, the head of the House Committee. She had earlier urged him to provide additional details regarding the collapse of the exchange because it “harmed over one million people.”