Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Founder of bankrupt crypto firm FTX Sam Bankman-Fried breaks his silence, with thousands locked out of savings

Founder of bankrupt crypto firm FTX Sam Bankman-Fried breaks his silence, with thousands locked out of savings

FTX, a cryptocurrency exchange that operated around the world, collapsed as panicked traders pulled $6bn out of the company in just three days after a series of bombshell allegations.
A crypto entrepreneur says his net worth has fallen from more than $26bn to $100,000 after his company imploded.

Sam Bankman-Fried admitted it has been a "bad month" after FTX collapsed into bankruptcy, leaving thousands of people frozen out of their savings.

The 30-year-old, who once positioned himself as a saviour for stricken firms, has been accused of misusing customer funds and moving $10bn out of the company in secret.

At least $1bn is reported to have vanished.

Speaking at the New York Times' DealBook summit, Mr Bankman-Fried insisted that he has never tried to commit fraud and said he was "shocked" at how the crisis unfolded.

FTX has new management as it navigates bankruptcy, with its chief executive declaring that he had never seen "such a complete failure of corporate controls" during his 40-year career.

It has been claimed that funds belonging to FTX users were mixed with funds at Alameda Research, a trading firm that Mr Bankman-Fried also ran.

FTX, a cryptocurrency exchange that operated around the world, collapsed as panicked traders pulled $6bn out of the company in three days after a series of bombshell allegations.

Speaking via video link from the Bahamas, Mr Bankman-Fried said he now has "close to nothing" after his company's failure and is down to one working credit card.

He has admitted that his businesses "completely failed" when it came to risk management and said this was "pretty embarrassing in retrospect".

"Whatever happened, why it happened, I had a duty to our stakeholders, our customers, our investors, the regulators of the world, to do right by them," Mr Bankman-Fried added.

Although the embattled entrepreneur believes that American users should be able to get their money back in full, he has warned in other interviews that international customers may only get 20% to 25% of the money they had locked into FTX.

A number of companies in the cryptocurrency sector have collapsed in recent months, coinciding with a sharp drop in the value of Bitcoin.

Some businesses have been accused of offering interest rates on savings that were simply too good to be true, while others have been likened to "Ponzi schemes".

The Bahamas has now launched a criminal investigation into the circumstances surrounding FTX's demise.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×