BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

SBF Announces Interest in Starting a new business to Pay Back his debt; Here’s Why it Could be Dead on Arrival

by BlockNews Team
December 12, 2022
in BUSINESS, CRYPTO, OPINION, SOCIAL
Reading Time: 4 mins read
A A
1
SHARES
13
VIEWS
Share on XShare in TelegramShare on Reddit
  • SBF says he will give anything to start a new venture to repay FTX users
  • Sam Bankman-Fried says he did not “knowingly commit fraud.”
  • The former FTX CEO is under fire from several investigative bodies, with the possibility of jail time, cancelling any plans to launch a new company.

Sam Bankman-Fried, the founder of FTX and ex-CEO, has given several interviews over the past month to answer questions regarding the now-bankrupt exchange, and one question has persisted-

What happens to the customers whose funds were given to Alameda and couldn’t be recouped? 

In a recent interview with BBC, on Dec.12, the now disgraced former CEO declared interest in building a new venture aimed at recouping and paying back the money he owes investors.

When asked if he was willing to start a new business to repay FTX users, SBF said, “I would give anything to be able to do that. And I’m going to try if I can.”

“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 added. “I think, at the very least, I have a duty to FTX users to do right by them as best as I can.”

Bankman-Fried had previously admitted that he was responsible for FTX’s collapse. “I’m sorry. That’s the biggest thing. I fucked up and should have done better,” he tweeted last month.

“Transparently–my hands were tied during the duration of the possible Binance deal; I wasn’t particularly allowed to say much publicly. But of course, it’s on me that we ended up there in the first place.”

Although, this was before the whole debacle unfolded, and it was revealed that SBF had inappropriately used customers’ funds. He now faces several federal investigations into his former company’s handling of funds.

“I didn’t knowingly commit fraud.” 

With every interview Sam Bankman-Fried has given, the 30-year-old has remained fixated on what he believes to be his truth, that he did not knowingly commit fraud.

In an earlier interview with Andrew Ross Sorkin, SBF, he insisted that he did not “ever try to commit fraud on anyone” and did not “commingle funds.”

While interviewing with the BBC team, whom he invited to his residential complex in the Bahamas, SBF replied: “I didn’t knowingly commit fraud, I don’t think I committed fraud, I didn’t want any of this to happen. I was certainly not nearly as competent as I thought I was,” when asked if he was fraudulent or incompetent.

SBF’s New Venture Might Never Take Off 

The former CEO, once hailed as a philanthropist and industry player when FTX still held its grand position, has become crypto’s number one public enemy. Some people have tagged the entire FTX operation as a Ponzi scheme and, even more, wish to see him pay for his alleged fraudulent actions.

In addition to a lack of public trust, Sam Bankman-Fried is facing federal charges and possibly a prison sentence.

Multiple regulatory agencies, like the Financial Services Committee and the Senate Banking Committee, are investigating FTX’s past activities and have requested his presence at investigative hearings.

He has been ordered to testify before the House Committee on Financial Services on the 13th as a witness to give his accounts of what happened at FTX.

On Dec. 8, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, and ranking member of the Committee, Senator Pat Toomey, released a statement regarding the Committee’s request.

“FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX,” Brown and Toomey stated.

“The Committee has requested that he testify at our upcoming hearing on FTX’s collapse and will consider further action if he does not comply.”

His name is on the list of witnesses to attend the Dec. 13 hearing titled “Investigating the Collapse of FTX, Part I.” John Ray, the new CEO of FTX, will also be present.

The chances of a new venture, owned by Sam Bankman-Fried, taking off are slim, as he would need financial support from other companies and users- both of which he once had and has lost.

His desire to start a new business to generate funds is nothing more than a desire.

Tags: BusinesscryptoFTXSBF
TweetShareShare
Previous Post

3Commas CEO Denies Claims That Company Employees Leaked Users’ API Keys

Next Post

Binance Suspends User’s Account After Threatening Customer Service For Loss Of Funds To A 3Commas API Key Leak

DON'T MISS THESE! HOT OFF THE PRESS

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?
CRYPTO

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Load More

Related News

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.