The former billionaire CEO of FTX, Sam Bankman Fried, wants to start a new business to pay back FTX users who lost their money. And oh btw! the title in this article is not a type I did write ‘Sam’ as ‘Scam.’ While we got the image of Sam as a visionary founder and CEO who drives a Toyota, he was buying properties worth millions of dollars around the globe. And whose money was that? ours! I don’t believe he thinks starting a new business is a good idea.
Sam Bankman Fried should stay away from any new business
First of all, I don’t think the users of FTX who lost their money would like the idea of Sam starting a new business, scamming new users and then paying its existing user base. This is what is the possible scenario, and even crypto influencers are tweeting the same.
And then he rugs on his customers in that new company, he can start another one try back those customers.
I am sure O'leary will back it.
— Coin Bureau (@coinbureau) December 12, 2022
Sam told the BBC, “I’m going to be thinking about how we can help the world, and if users haven’t gotten much back, I’m going to be thinking about what I can do for them.”
It was not the idea of Scam Bankman Fried to start a new business in the first place. BBC asked him if he would do that to pay back investors. Sam said yes, he would do that. The only problem here is that no one would trust him. That guy has been spending user funds on properties, and his exchange FTX was also one of the worst nightmares of crypto. I even think it surpasses the Luna-UST tragedy.
The new CEO of FTX even said that he has never seen “such a complete failure of corporate control” in the company’s bankruptcy filing.
Binance CEO warns S-c-am Bankman Fried
Reports have been leaked that suggest Zhao has gotten in touch with Sam Bankman warning him about the implications of his actions. Zhao even said that what he is doing could collapse the industry, and the more damage he does now, the higher his jail time would be. In fact, the trade also shows that FTX tried to use its funds to destabilize Tether (USDT), the largest stablecoin in the market.
What do you think of the idea of Bankman Fried wanting to start a new business? And will you be even mildly interested in it? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
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