FTX Founder SBF Assures FTX U.S Customers Full Refund

FTX Founder Sam Bankman-Fried Denied Bail by Bahamas Authority
  • The founder saw his net worth decrease from $15.6 billion to $1 billion in a single day.
  • SBF regretted declaring Chapter 11 bankruptcy and would wish he could turn it back.

Sam Bankman-Fried, the ex-CEO of FTX, a cryptocurrency exchange that was once valued at $26 billion, told Axios on Monday that he is now down to his final $100,000. Early in November, when word broke that the cryptocurrency exchange required a bailout, the founder saw the vast majority of his net worth decrease from $15.6 billion to $1 billion in a single day.

Sam Bankman-Fried, the co-founder and former CEO of cryptocurrency exchange FTX, has been making intermittent Twitter appearances and is scheduled to make his first public appearance as a speaker at the New York Times’ annual DealBook Summit on Wednesday, November 30.

Regrets Filing Bankruptcy

Just recently, a transcript of SBF’s phone conversation with Tiffany Fong surfaced. This interview supposedly took place on November 15, five days following FTX’s bankruptcy filing on November 11. SBF makes some bold assertions concerning the return of lost funds in this interview.

SBF is no longer involved with or responsible for any FTX activities after stepping down as CEO. But he assured that FTX US customers will have their money refunded in full. SBF elaborated on this during the phone interview.

SBF stated:

“If nothing happens, if I can never do anything again… FTX users will get a dollar on the dollar, FTX will get 25 cents on the dollar”.

He said he regretted declaring Chapter 11 bankruptcy and would wish he could turn it back. After being questioned about his large contributions to the Democratic Party before the midterm elections, SBF revealed that he had also given to the Republican Party. SBF said he gave almost the same amount to both parties.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.