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Former CEO and creator of the now-defunct cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), has spoken out from behind bars. Restitution for his victims is now SBF’s priority after he was recently sentenced to 25 years in jail on fraud charges.
In the first public speech he’s given since starting his sentence, SBF made it clear that his victims should receive full replacement costs. He apologized and said he understood the distress thousands of consumers had caused by the failure of the transaction.
“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…”
Despite maintaining his innocence regarding the legality of his actions, SBF expressed deep regret for the consequences of his leadership. He admitted to falling short of the standards he set for himself and expressed remorse for the harm caused to stakeholders.
“It’s most of what I think about each day… 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.”
While incarcerated, SBF affirmed his commitment to assisting in restitution efforts. He acknowledged his responsibility as the former CEO of FTX and expressed a desire to repair the damage caused by the exchange’s downfall.
“I’m doing what I can from prison, but it’s deeply frustrating not to be able to do more.”