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SBF Wants To Start A New Business To Repay FTX Victims

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FTX creditors totalling more than one million and owing up to $50 billion each, FTX's former CEO stated that he is interested in starting a company to repay them all.

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Former CEO and founder of bankrupt cryptocurrency exchange FTX, the former CEO expressed interest in forming a new venture to pay back customers he owes money.

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"I would do anything to achieve that. Sam Bankman-Fried said that he would try to make it possible, when asked by BBC on Dec. 10, if he would start a new company to repay FTX users.

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He said, "I'm going be thinking about how to help the world, and if users don't get much back, I'm going be thinking about what can I do for them." "I believe I have a responsibility to FTX users, at minimum, to be fair."

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According to bankruptcy filings, Bankman-Fried's stock exchange could have "more than one million creditors," as per bankruptcy filings dated Nov. 14. The estimated amount of FTX's potential losses ranges from $10 billion to $50 trillion.

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Bankman-Fried reiterated his previous statements from the so-called media apology tour and said he didn't "knowingly commit fraud." "I don't believe I was guilty of fraud."

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Bankman-Fried also acknowledged that he was "certainly not as competent as I thought"

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After days of back-and-forth between Maxine Waters, United States House Representative, and Bankman Fried, the FTX founder has been officially confirmed as a witness at the House Committee on Financial Services' Dec. 13 hearing.

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His name is now listed on the official list of witnesses attending the Dec. 13 hearing titled "Investigating The Collapse of FTX Part I" as of December 11.

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On Dec. 9, Toomey tweeted that he was "glad" Bankman Fried would attend the House hearing. He also said that he expected the founder of FTX to be at the Senate hearing the next day.

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John Ray, the new CEO at FTX, is the other witness.

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