Sam Bankman-Fried: ‘FTX bankruptcy filing is my biggest mistake’

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The former CEO of FTX, which is filing for bankruptcy, said his biggest regret is filing under Section 11 of the US Bankruptcy Code.

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Sam Bankman-Fried tweeted his thoughts on Alameda’s regulators, ethics and actions. The FTX founder admitted he made a lot of mistakes, but the biggest one was filing for bankruptcy.

“I screwed up a lot of times. But you know my biggest mistake? Everyone told me to file for Chapter 11 bankruptcy, and I did it. If I had not filed an application, then FTX’s problems would have been solved by 70 percent. But I filed a paper and now the authorities are trying to completely destroy the company, ”Bankman-Fried said.

He also noted that he still has about two weeks to find $ 8 billion. True, the goals are not entirely clear – according to the new CEO and FTX restructuring director John Ray, Bankman-Fried has no power left. at FTX, FTX.US and Alameda Research.

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The former FTX CEO also said that “regulators make everything worse.” Hours later, however, he admitted that regulating a new and growing industry is difficult:

“Dealing with regulators requires a lot of patience, while investor protection remains weak. You all deserve regulators that provide the right level of user protection while still maintaining the freedom of the industry.”

Earlier, Bits.Media published a large-scale article about the causes and consequences of the collapse of FTX.

Source: Bits

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