WHAT WAS Sam Bankman-Fried Thinking?

bankruptcy

Sam Bankman-Fried has referred to his Chapter 11 bankruptcy filing as his “biggest single fuckup.” The former CEO of FTX expressed this regret in a recent interview in which he made so many startling remarks in response to some of the questions he was asked.

Bankman-Fried responded to questions bothering on topics including the chapter 11 bankruptcy which he filed, his opinion on the FTX hack, regulators, ethics, and how the investment of customers were wagered by FTX and Alameda. The wide ranging interview was conducted by Vox.

Screenshots from the Twitter conversation between Sam Bankman-Fried and Kelsey Piper revealed that Bankman-Fried admitted his many errors, however the former FTX CEO believes listening to what he was told and filing for Chapter 11 bankruptcy remains the biggest mistakes he mad at the job.

In his tweets, Bankman-Fried writes: “I fucked up big multiple times”. “you know what was maybe my biggest single fuckup?”

“The one thing *everyone* told me to do […] chapter 11.”

The former FTX CEO believes if he hadn’t listened and filed for Chapter 11 bankruptcy, the FTX situation will be 70% resolved by now, and customers would have been able to make withdrawals in a month.

“But instead I filed, and the people in charge of it are trying to burn it all to the ground out of shame,” the former CEO explained.

By November 8, Bankman-Fried already admitted a liquidity crunch seeking an $8 billion emergency funding intervention from investors. Bankman-Fried also offered his personal wealth to restore the substance of FTX investors and customers.

Bankman-Fried was asked about his next line of action and in his response he implied he had the grace period of two weeks to raise the $8 billion and according to him it was: “all that matters for the rest of my life.”

Following this John Ray, the CEO and Chief restructuring officer at FTX publicly stated that Bankman-Fried no longer spoke for the company and had no ongoing role at FTX US or Alameda Research Ltd.

Bankman-Fried also talked about how his push for regulation was merely PR and how regulators were not necessarily interested in protecting customers. However the former CEO seemed to have pedalled back with a November 16 tweet:

“It’s really hard to be a regulator. They have an impossible job: to regulate entire industries that grow faster than their mandate allows them to.”

According to Bankman-Fried the loss suffered by FTX was truly a hack most likely committed through malware, by an ex-employee or on an ex-employee’s computer.

Bankman-Fried has stated this repeatedly and insisted on a now deleted tweet that Alameda was the company that invested customer funds and not FTX. According to him it is an accurate statement of fact that FTX never invested client’s assets at any point in time.

The November 11 interview is a part of the series of interviews from Sam Bankman-Fried and further commentary is expected from the former FTX CEO.

As originally reported in (https://cointelegraph.com/news/sam-bankman-fried-says-he-regrets-filing-for-bankruptcy-report)