Sam Bankman-Fried, founder of bankrupt crypto exchange FTX and former crypto entrepreneur, has issued his first statement since his sentencing. In a statement to ABC News, SBF shared that he is remorseful for his actions, and that “It’s most of what I think about each day.”
Sam Bankman-Fried is currently being held at the Metropolitan Detention Center in Brooklyn, NY. Speaking to ABC via email, SBF says the fall of FTX was a result of “several bad decisions” he made in 2022. Furthermore, despite showing remorse, Bankman-Fried revealed that he didn’t know at the time he was committing illegal acts or fraud.
“I never thought that what I was doing was illegal. But I tried to hold myself to a high standard, and I certainly didn’t meet that standard,” he says.
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Sam Bankman-Fried was sentenced to 25 years in prison on Thursday for fraud. Speaking on his regrets, SBF says “I’ve heard and seen the despair, frustration, and sense of betrayal from thousands of customers; they deserve to be paid in full, at current price,” he said.
“That could and should have happened in November 2022, and it could and should happen today. It’s excruciating to see them waiting, day after day,” he adds.
SBF Claims Full Responsibility for FTX Crash
The FTX founder furthermore claims full responsibility for the crash and the impact it had on customers. “I’m haunted, every day, by what was lost. I never intended to hurt anyone or take anyone’s money. But I was the CEO of FTX, and I was responsible for what happened to the company, and when you’re responsible it doesn’t matter why it goes bad.
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“I’d give anything to be able to help repair even part of the damage. I’m doing what I can from prison, but it’s deeply frustrating not to be able to do more,” he said.
The collapse of FTX will likely remain one of the biggest controversies in the history of the digital asset sector. Bankman-Fried was convicted by a jury on seven counts of fraud in 2023. Specifically, those charges include his thievery of customer assets when running the cryptocurrency exchange, and his deceit with the firm’s investors and creditors. Altogether, Bankman-Fried was responsible for around $8 billion in customer assets being stolen.