Former FTX CEO Sam Bankman-Fried has expressed deep regret over filing for Chapter 11 bankruptcy last week, calling it “the biggest bullshit.”
In a wide range interview with VOX which was released Nov. 16, Bankman-Fried reportedly answered questions on a number of topics such as the Nov. 11 Chapter 11 bankruptcy filing, his thoughts on regulators, ethics, how FTX and Alameda were “gambling with customer money”. and FTX hack.
According to screenshots of the Twitter conversation between VOX reporter Kelsey Piper and Sam Bankman-Fried, the former FTX CEO said that while he made several mistakes, the biggest one was listening to what people were telling him to do and file for Chapter 11 bankruptcy.
“I screwed up many times,” Bankman-Fried wrote. “You know what was maybe my biggest bullshit?”
“The one thing *everyone* told me to do […] Chapter 11.”
Bankman-Fried said if he hadn’t filed for Chapter 11 bankruptcy, “everything would be about 70% settled right now” and “withdrawals would open in a month with clients fully full.” , adding:
“But instead I filed, and the people responsible for it are trying to burn it all to ashes out of shame”
After admitting a “cash shortage” on November 8, Bankman-Fried reportedly requested $8 billion from investors in emergency financing to cover a shortfall, even offering personal wealth to “make clients and investors whole”.
When asked what’s next for him, Bankman-Fried suggested he still has two weeks to get the $8 billion, which is “essentially all that matters for the rest of my life.” .
However, in a November 16 statement, FTX CEO and Chief Restructuring Officer John Ray reminded the public that Bankman-Fried “has no ongoing role at [FTX]FTX US or Alameda Research Ltd. and do not speak on their behalf.
Moving on to other topics covered in the interview, Bankman-Fried said his push for regulation was “just public relations,” before adding:
“Fuck regulators, they make everything worse, they don’t protect customers at all”
Hours later, Bankman-Fried seemed to have bottled up those feelings, noting in a Nov. 16 tweet that:
“It’s really hard to be a regulator. They have an impossible job: regulating entire industries that are growing faster than their mandate allows.”
29) Meaning that interacting with regulatory structures can be really frustrating: an *enormous* amount of work – much of it arbitrary – and relatively little client protection.
Damn that. You all deserve frameworks that allow regulators to protect customers while allowing freedom.
— SBF (@SBF_FTX) November 16, 2022
Bankman-Fried also confirmed that the money is withdrawn from FTX was indeed a hack, suggesting it was either a “former employee or malware on a former employee’s computer”.
The former CEO once again backed up his claim in a deleted tweet that FTX never invested client assets, suggesting it “was factually accurate” as Alameda was the company investing the funds.
Cointelegraph has contacted Sam Bankman-Fried for additional comment, but has not received a response at press time.