Sam Bankman-Fried aims to recoup lost investments with a new business
Sam Bankman-Fried, former CEO of FTX, a digital currency agency that collapsed recently, expressed his desire to start a new business in order to repay investors who lost their investment. In an interview with the BBC, he said he would “give anything” to be able to begin a new venture in order to recoup his users’ lost investments. Bankman-Fried has been scheduled to testify before Congress next week about the collapse of FTX.
FTX collapse caused suspension of customer deposits to crypto exchanges
FTX, where people could trade bitcoins and other cryptocurrencies, collapsed when its worth dropped from $16bn (£13bn) to zero, causing a seven-month suspension of all customer deposits to cryptocurrency exchanges by online bank, Starling Bank, citing the risk to consumers. FTX’s new management accused its previous management of a “complete failure of corporate controls”. After the collapse, FTX said it expected to have more than 1 million individual creditors.
Former CEO of FTX accused of failure of corporate control
Bankman-Fried, who stepped down when the agency filed for chapter 11 bankruptcy protection, has been portrayed by bankruptcy lawyers as running the company as “his own personal fiefdom”. FTX’s collapse was described as “one of the most abrupt and difficult collapses in the history of corporate America”.
Read More Here https://www.theguardian.com/technology/2022/dec/10/sam-bankman-fried-ftx-cryptocurrency-exchange
