Sam Bankman-Fried, ex-CEO of FTX, says he wants to start a new business

Sam Bankman-Fried, the disgraced ex-boss of failed crypto exchange FTX, said this week that he hopes his investors will start a new business to recoup losses from the firm’s collapse.

The 30-year-old told the BBC in an interview broadcast Saturday that he would “give everything” to launch the new venture.

FILE: Sam Bankman-Fried, co-founder and CEO of FTX, on Tuesday, May 11, 2021, in Hong Kong, China. (Photographer: Getty Images / via Getty Images Lam Yik/Bloomberg)

“I’m going to think about how we can help the world, and if users haven’t returned a lot, I’ll think about what I can do for them,” he said. “And at the very least, I think it’s my duty to do my best towards FTX users.”

Asked if he was prepared for the possibility of being arrested, Bankman-Fried said, “There are times when I meditate at night, yes, but when I wake up in the daytime I try to stay focused, be as productive as I can and ignore things that could be out of my control.”


FTX last month essentially failed the cryptocurrency version of a bank run when clients tried to withdraw their holdings all at once amid growing doubts about the financial strength of the company and its affiliated trading arm, Alameda Research.

The new management of FTX has described the management of the cryptocurrency exchange since its collapse as a “complete failure of corporate controls”.

Sam Bankman-Fried, CEO of FTX

FILE: Sam Bankman-Fried, founder and former CEO of FTX Cryptocurrency Derivatives Exchange, speaks in an interview with David Rubenstein on an episode of Bloomberg Wealth on Wednesday, August 17, 2022, in New York, USA. (Photographer: Jeenah Moon/Bloomberg via Getty Images/Getty Images)

Bankman-Fried said he claimed responsibility for the collapse and failed to grasp the amount of risk that Bermuda-based FTX and Alameda were taking on in both businesses.

One of the charges leveled against Bankman-Fried is that Alameda allows customers to use their FTX assets to place bets on the market. Bankman-Fried said in public interviews she did not “knowingly” mix clients’ assets with Alameda.


Bankman-Fried said in a tweet on Friday that he was willing to testify in Congress next week, but that what he could say would be limited and “not as helpful as he would like it to be”.

Bankman-Fried is currently in the Bahamas.

The Associated Press contributed to this report.

Leave a Reply

Your email address will not be published. Required fields are marked *