FTX founder and former CEO Sam Bankman-Fried told Vox that he regrets filing for bankruptcy. According to the entrepreneur, he should have remained at his post and tried to save the stock exchange.
Bankman-Fried's interview with Vox was published as screenshots of a Twitter conversation. According to the journalist, the entrepreneur himself wrote to him, before that they talked in the summer. A few hours after the publication, Bankman-Fried said that he was talking on Twitter with a friend and did not expect this correspondence to become public.
In the email, Bankman-Fried says that if he hadn't filed for FTX's bankruptcy, things would now be "about 70% fixed." Now, after filing the application, the people responsible for the bankruptcy process “out of shame are trying to burn everything to the ground.”
The billionaire now considers his main task to be raising $ 8 billion - he must return this amount to the clients of the collapsed crypto exchange. "That's basically all that matters for the rest of my life," he said. On the eve of The Wall Street Journal wrote about the attempts of Bankman-Fried to raise funds to save the company. According to the publication, he, along with several remaining employees, called investors over the weekend to raise money and pay off FTX customers, but these attempts were unsuccessful.
In an interview with Vox, Bankman-Fried showed little remorse for what happened (we talked about the aftermath of the FTX crash here), but admitted that he didn't fully understand that he was making a mistake. “Each single decision seemed wonderful, and I did not realize until the very end how great their price was,” the entrepreneur wrote.
When asked what exactly was the mistake, Bankman-Fried said: "Messy accounting + margin exchange."
When asked what he would change if he had the opportunity: "More careful accounting + removing Alameda from FTX after FTX can live on its own."
The collapse of FTX began with a Coindesk article that came out on Nov. 2 and caused investors to flee. It said that at least 40% of the assets of the Bankman-Fried trading company Alameda Research are in the low-liquid FTT cryptocurrency, issued by its own FTX exchange. Investors reacted to this information extremely nervously, rightly assuming that any large FTT sale could collapse the entire structure - which happened a few days later.
It also follows from the interview that Bankman-Fried has revised his position on the regulators of the crypto market. “To hell with regulators,” he wrote. “They make things worse.” Previously, he advocated strict regulation of the cryptocurrency market.
Bankman-Fried has been actively trying to explain his vision of the collapse of FTX in recent days. On Sunday, he gave an interview to The New York Times in which he shared his thoughts on the conflict with Binance founder Changpeng Zhao. According to Bankman-Fried, Binance was not going to buy FTX from the very beginning. We wrote about how Binance's refusal to buy the FTX crypto exchange caused a new collapse in the crypto market, we wrote here.
In addition, Bankman-Fried continues a series of posts on Twitter (now there are 32 of them) under the conditional heading “What happened?”. The tweets, which appear at varying intervals, consist of Bankman-Fried's regrets and thoughts about exactly what went wrong. They were analyzed by Bloomberg.