The founder of FTX told his version on Twitter and said that declaring bankruptcy was a mistake

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Sam Bankman-Fried, in the crosshairs of justice, criticized regulators in a conversation he believed to be private. But then he qualified his statements

FTX founder told his side on Twitter, saying filing for bankruptcy was a mistake

Sam Bankman-Fried (photo: Forbes Mexico)

The founder of the sunken cryptocurrency platform FTX, Sam Bankman-Fried, identified as responsible for the recent collapse of cryptocurrencies, has been active on Twitter posting his defenses and his version of what happened, in a crisis that is still underway and awaiting legal proceedings for the businessman.

Since the beginning of the week, he has been feeding a Twitter thread at sporadic intervals in which he combines apologies with excuses and even mysterious messages to try to explain what caused the debacle in the company he founded and directed.

With the results in hand, he elaborated on everything he says he could have done to save customers money. And he reflects: “We get overconfident and careless,” she said. He also maintains his ego, boasting about having been on the cover of major magazines.

At the same time, in an interview published in Vox, Bankman-Fried said that regretted his decision to declare the company bankrupt and criticized regulators.

As he stated, those responsible for the process to which FTX is subjected, which is known as 'Chapter 11' of US bankruptcy law, equivalent to a bankruptcy, were “trying to burn everything out of shame”, and that he had two weeks to raise $8 billion and save the company.

That's basically all that matters (raising the money) for the rest of my life“, said. His biggest mistake had been “Chapter 11. If he hadn't done it, withdrawals would open in a month with all clients in.” He found regulators make things worse: “They don't protect customers at all.”

The founder of FTX told their story on Twitter, saying filing for bankruptcy was a mistake


In the Twitter thread, Bankman-Fried said the interview was based on private messages that were not meant to be published. He then qualified that some of what he had said had been “thoughtless or too strong” and that he was letting off steam.

“It's really hard being a regulator. They have an impossible job: regulating entire industries that are growing faster than their mandate allows,” he wrote on Twitter.

The bankrupt company, which filed for bankruptcy last week, has named five new independent directors in each of its main affiliated companies, including Alameda research. The five new directors and the newly appointed CEO, John J. Ray, are attempting to navigate through the bankruptcy process.

It is unknown whether these messages could help or hurt your situation legal, but in his social networks he does not show concern.

“What matters is what you do, it is really doing good or bad, not just talking about doing good or *use ESG language* (corporate social responsibility). Anyway, none of that matters now. What matters is doing the best you can. And do whatever you can for FTX customers,” he mused.

But so far he hasn't detailed how he could help customers, as he's not the company's CEO.

(With information from Reuters and Bloomberg)

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