Business Headline News

I hope to repay FTX Crypto users – Bankman-Fried

Crypto boss Sam Bankman-Fried says he hopes to start a new business to make enough money to pay back victims of the FTX collapse.

The 30-year-old faces several federal investigations into his former company’s handling of funds.

Speaking in a luxury complex in the Bahamas, the former billionaire denies fraud but says he was “not nearly as competent as I thought I was”.

He admits worrying about possible arrest while “ruminating at night”.

The FTX crypto exchange allowed customers to trade normal money for cryptocurrencies like Bitcoin.

It was the second largest in the world, trading about $10bn of crypto coins every day.

But last month it was revealed that FTX and Mr Bankman-Fried’s separate company Alameda Research were financially unstable.

In just eight days everything came crashing down and bankruptcy was filed.

It is estimated that more than a million FTX users are locked out of their crypto wallets and cannot access their funds.

Writing by Omotola Oguneye