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Bankman-Fried Claims That Declaring FTX Bankrupt Was A Mistake: Reports

Bankman-Fried Claims That Declaring FTX Bankrupt Was A Mistake: Reports
Sam Bankman-Fried, the founder of the defunct crypto exchange FTX, said in an interview with Vox that he regretted his decision to file for bankruptcy and criticized regulators.
Later on Twitter, Bankman-Fried stated that the basis of the interview, an exchange of messages on the same platform, was not intended to be made public.
The bankrupt company, which declared bankruptcy last week, has named five new independent directors to each of its major affiliated companies, including Alameda research. The five new directors, along with newly appointed Chief Executive Officer John J. Ray, are attempting to navigate the bankruptcy process.
Bankman-Fried stated in the interview that those in charge of FTX's Chapter 11 bankruptcy process were "trying to burn it all down 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," he said.
His one and only blunder had been "11th Chapter If I hadn't done that, withdrawals would be open in a month with customers completely satisfied."
Regulators, he added, make everything worse. "They don't protect customers in any way," he claims.
Ray stated on Twitter that Bankman-Fried has no ongoing role at FTX, FTX US, or Alameda Research and does not speak on their behalf.
FTX has stated that it is in contact with dozens of global regulators, including the Securities and Exchange Commission of the United States.
After Vox published the interview, Bankman-Fried stated that some of his comments were "thoughtless or overly strong," and that he was venting about something that was not meant to be made public.
"It's *really* hard to be a regulator. They have an impossible job: to regulate entire industries that grow faster than their mandate allows them to," he wrote on Twitter, adding that the message exchange with Vox's reporter was "not intended to be public."
A Vox spokesperson stated that unless the subject and reporter agreed otherwise, all communication with Vox reporters was on the record.
"Our reporter is clearly identified as such in her Twitter bio, has previously interviewed Mr. Bankman-Fried, and in this instance, as an additional courtesy, notified him via email that she planned to write about their on-the-record exchange. He made no objection in his reply prior to publication."
There were no comments from Bankman-Fried.  

Christopher J. Mitchell

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