11-18-2022 icon

FTX’s SBF says he regrets filing for Chapter11: Report

By Lucy Adegbe

The former CEO of collapsed exchange FTX, Sam Bankman-Fried (SBF) communicated his dissatisfaction with filing for liquidation last week, saying the move was his greatest “single fuckup.”

During a comprehensive discussion with VOX Media posted on Wednesday, Sam Bankman-Fried “SBF” allegedly responded to questions relating to his company’s insolvency filing, his regulatory view, the FTX attack and how FTX and Alameda misused users’ funds.

According to the Twitter screen captures of conversations between VOX Media journalist Kelsey Piper and SBF, the ex-FTX chair acknowledged that he may have been prone to several errors, however, the worst error was paying attention to those who advised him to sign up for Chapter 11.

SBF noted that if he had not made the move to signup for legal insolvency,  FTX would have recovered by over 70% currently, with the assurance of resuming services within the next month. 

Also, he noted that currently, the assigned people in charge of the filing procedures are taking actions to ruin it all completely due to humiliation.

The present FTX chair John Ray, in a Wednesday brief, reiterated that SBF is no longer in control of FTX affairs and is not the company’s spokesperson.

Nonetheless, when questioned about his plans, SBF highlighted that his sole focus is on refunding the $8 billion investors’ funds which he sought on November 8 to make up for the company’s shortfall.

Sam Bankman-Fried was reported to have offered his funds, at that time, in an attempt to keep users and shareholders whole.