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Wednesday, December 7, 2022

FTX Sam Bankman-Fried Says He Is Bunkered Down in His Bahamas Home, Trying to Bail Out Customers

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Sam Bankman-Fried, the founder of FTX, the billion-dollar exchange, told CNBC, he is trying to secure a deal to bail out his customers caught in the company’s catastrophic bankruptcy.

CNBC caught up with Bankman-Fried at his home in the Bahamas where FTX was headquartered. Though he declined an on-camera interview, he told the reporter he was focused on recovering customer funds and is working to secure a deal.

“I think we should be trying to get as much value to users as possible. I hate what happened and deeply wish that I had been more careful,” Bankman-Fried lamented.

Bankman-Fried also maintained that the company had “segregated balances,” in other jurisdictions including the US, adding “there are billions of dollars of potential funding opportunities out there” to restore customer monies.

Why it matters

Bankman-Fried is no longer the CEO of FTX, but stepped down after the crypto scandal. The question remains can he broker a deal because he no longer has access to the company’s systems.

Venture capital investors told CNBC that since the bankruptcy, Bankman-Fried has been calling to secure funding.

Which venture capitalist would be willing to bail out the exchange?

The big picture

FTX has a big hole in its balance sheet and owes its top 50 creditors alone, some 3.1 billion dollars.

 

Photo credit: Fox News

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