By George Ward
In an interview with BBC, Sam Bankman-Fried (SBF), the former CEO and co-founder of the now-bankrupt cryptocurrency exchange FTX declared intentions of developing a new business to generate funds and pay back FTX creditors.
As a result of the disappointment caused by his exchange, the CEO expressed his desire to get things back to normal and prioritize investors’ needs. He added that the primary aim of his new business venture would be to make enough profits and pay all users who lost their digital assets to the FTX crash.
According to the exchange’s bankruptcy filings from last month, the collapsed exchange is currently indebted to more than 1 million users. Furthermore, a rough estimate shows that the crypto firm would need up to $50 billion to repay users affected by its collapse.
During his acclaimed media apology tour, the former FTX CEO stated that the collapse of the exchange came as a shock. But, he admitted to not being competent enough to run the business and that he didn’t purposely commit fraud.
US House Committee Includes Bankman-Fried As A Witness
Meanwhile, the FTX founder’s name was officially displayed as one of the witnesses in the US House committee hearing, which will take place on December 13. SBF’s name appeared on the December 11 updated list of witnesses.
Meanwhile, the hearing seeks to learn more details about the FTX crash. Based on the title of this hearing, it is likely that there will be more hearings on the FTX saga in the future.
It is noteworthy that the witness list also includes John Ray, the new CEO of FTX. Meanwhile, the Senate Committee on the FTX saga confirmed that Bankman-Fried missed the deadline for the confirmation of his appearance at its hearing which will hold on December 14.
Consequently, Sherrod Brown, the community chair, addressed Bankman-Fried’s non-compliance with the hearing in a warning that the Senate would issue a subpoena to force the CEO’s testimony.
Recently, Senators. Pat Toomey and Scott Brown further addressed Bankman-Fried’s failure to confirm his appearance at the senate hearing. They pledged that the committee would make an even greater effort to ensure that SBF appears at the hearing.
In an earlier tweet, Toomey said he was convinced about Bankman-Fried’s appearance before the committee. He explained that if SBF can appear at the House committee hearing, it is likely that he would appear at the Senate hearing. The Senate hearing takes place 24 hours after the House hearing.