Sam Bankman-Friedcing FTX Will Change User Loss, Is That Right?

Former CEO of FTX, Sam Bankman-Fried. (Photo; Doc. Forks Daily)

JAKARTA One of the US crypto exchange giants operating in the bankrupt Bahamas, FTX, plans to compensate its consumers for losses. This was conveyed by FTX founder Sam Bankman-Fried in his first appearance in public at the New York Times annual event, DealBook Summit, Wednesday 30 November 2023.

In an interview with Tiffany hours after five days of FTX filing for bankruptcy, Sam Bankman-Fried discussed recovering funds belonging to consumers who had disappeared. He claims that FTX users will receive 100 percent compensation.

"If there are no obstacles, if I can never do anything more... FTX users will get one dollar for each dollar, FTX will get 25 cents," said Sam Bankman-Fried, quoted by Coingape.

Despite all that, Sam Bankman-Fried is no longer the CEO at FTX. His position was replaced by John J Ray III. However, the figure who is familiarly called SBF explained that filing for bankruptcy Chapter 11 was a mistake. He added that he was ready to do anything if anyone could cancel his filing.

"You can blame the stupid person you are talking to for actually submitting this document, I should have said no... it was the right thing not to file - I would do anything to cancel it now," said SBF.

In addition, he also admitted that his funds were disbursed to the Democratic party. The party is not the only one who received an FTX donation, SBF admits that it has also disbursed funds to the Republican party. However, the donation was kept secret for certain reasons.

In an interview with Tiffany way he confirmed it. "I contributed the same number to both parties this year," said SBF.

According to a Fortune report, the founder and former CEO of FTX donated nearly $40 million to the Democratic Party in this election cycle, under George Soros, which provided about 128 million US dollars, according to OpenSecrets, a nonprofit based in DC.

For your information, on November 11, FTX has filed for bankruptcy protection Chapter 11 in the United States (US). Shortly after, Sam Bankman-Fried announced his resignation from the position of CEO of the company. His position was replaced by John Ray III.