Sam Bankman-Fried wants to start a new company to pay off debts

Founder and former CEO of bankrupt crypto exchange FTX Sam Bankman-Fried has expressed interest in starting a new business to pay back customers he owes money to.

That was Sam Bankman-Fried's direct response when asked by the BBC in a 10/12 interview if he would start a new business to repay FTX users. Accordingly, Mr. Sam Bankman-Fried said:

"I'll trade anything to be able to do that and I'll try my best if I can. I'm going to think about how we can help the world and if users don't get a lot of money, I'm going to think about what I can do for them in a different direction.

I think right now at least I have an obligation to FTX users to do the right thing for them in the best way."

Sam Bankman-Fried: I hope to make money to pay people back https://t.co/T3OkwBJkW6

— BBC News (UK) (@BBCNews) December 10, 2022

According to bankruptcy filings from November 11 under Chapter 11 of the US Bankruptcy Law, FTX has disclosed the exchange's liabilities are between $ 10 and $ 50 billion with more than 1 million creditors, the assets of the exchange also fall into this range. However, collating some sources shows that FTX's actual assets may be up to 10 times lower than the debt obligations just mentioned.

In addition, at this BBC interview, Sam Bankman-Fried's statement continued to be consistent with his previous statements with a focus on apologizing to FTX users and staff. At the same time, Sam Bankman-Fried once again insisted he did not intentionally commit fraud and admitted that he was not as good as he thought.

Meanwhile, after days of back-and-forth between the U.S. House of Representatives over the invitation to testify, the former FTX CEO has been officially confirmed to participate for a Dec. 13 hearing with the House Financial Services Committee. Another witness, who was added on 0912, was none other than John Ray, the new CEO of FTX who will also be at the event.

On the other hand, the U.S. Senate followed in the footsteps of the U.S. House of Representatives in inviting Sam Bankman-Fried to testify. Sam Bankman-Fried, however, missed the Senate response deadline.