Bankman-Fried says filing for FTX bankruptcy was a mistake – Vox

Date:

Nov 17 (Reuters) – The founder of collapsed crypto exchange FTX, Sam Bankman-Fried, said he regretted his decision to file for bankruptcy and criticized regulators in an interview published by Vox.

Bankman-Fried later said on Twitter that the basis of the interview, an exchange of messages on the same platform, should not be made public.

The collapsed company, which filed for bankruptcy last week, has appointed five new independent directors at each of its major affiliates, including Alameda Research. The five new directors and newly appointed Chief Executive John J. Ray are working to navigate the bankruptcy process.

In the interview, Bankman-Fried said those responsible for FTX’s Chapter 11 bankruptcy process were “trying to burn it all down out of shame,” and that he had two weeks to raise $8 billion and the company to save.

“That’s really all that matters (raising the money) for the rest of my life,” he said.

His biggest mistake had been, “Chapter 11. If I hadn’t done that, the tapings would open in a month with clients completely healed.”

Regulators make everything worse, he added. “They don’t protect customers at all,” he said.

In a statement posted to Twitter, Ray said Bankman-Fried had no ongoing role at FTX, FTX US or Alameda Research and was not speaking on their behalf.

FTX has said it is in contact with dozens of global regulators, including the US Securities and Exchange Commission.

After Vox published the interview, Bankman-Fried said some of what he had said was “misguided or overly strong” and that he was venting about something that was not meant to be public.

“It’s *really* hard being a regulator. They have an impossible job: to regulate entire industries that are growing faster than their mandate allows,” he wrote on Twitter, adding that the exchange with the Vox reporter “was not intended to be public.”

A Vox spokesperson said all communications with Vox reporters were on-the-record unless the subject and reporter agreed otherwise.

“Our reporter is clearly identified as such in her Twitter bio, has previously interviewed Mr Bankman-Fried and in this case, as an added courtesy, emailed him that she intended to write about their on-the-spot record exchange. He made no objection in his pre-publication reply.”

Bankman-Fried did not immediately respond to Reuters’ request for further comment.

Reporting by Shubham Kalia and Jahnavi Nidumolu in Bengaluru; Additional reporting by Jaiveer Shekhawat; Edited by Bradley Perrett

Our Standards: The Thomson Reuters Principles of Trust.

The Valley Voice
The Valley Voicehttp://thevalleyvoice.org
Christopher Brito is a social media producer and trending writer for The Valley Voice, with a focus on sports and stories related to race and culture.

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