Sam Bankman-Fried (SBF), the founder of the cryptocurrency exchange FTX, has expressed regret over his actions that led to a 25-year prison sentence. He made this statement in an interview with ABC News.
“It’s a big part of what I think about every day,” added the former CEO of the trading platform.
According to him, FTX’s insolvency resulted from several “bad decisions” he made in 2022.
SBF noted that he “heard and saw the despair, frustration, and sense of betrayal from thousands of customers” who “deserve full compensation at current prices.”
“[Compensation] could and should have happened in November 2022, and it could and should happen today. It’s agonizing to see them wait day after day,” he remarked.
Bankman-Fried “felt the pain” from colleagues as he “threw away what they had invested their lives in.” The former FTX CEO also regrets the situation of charitable organizations, “as their funding brought nothing but reputational damage.”
SBF assured that he never intended to “harm anyone or take anyone’s money,” but he regrets the company’s collapse and accepts full responsibility as its leader.
“I would give anything to compensate even part of the damage. I’m doing my best while in prison, but it frustrates me greatly that I can’t do more,” clarified the founder of the collapsed company.
In Bankman-Fried’s view, if he or another FTX employee had remained as CEO, customers “would have been repaid long ago.” SBF also criticized the company’s decision not to relaunch the exchange.
Later, the former CEO’s defense team plans to file an appeal based on some testimonies at the trial that “significantly distorted what actually happened.”
“I never thought I was doing anything illegal. But I tried to meet high standards and definitely didn’t meet them,” he emphasized.
In late February, FTX founder’s lawyer Mark Mukasey requested a sentence for his client in the range of 63 to 78 months in prison. The attorney described the proposed life sentence as too “grotesque.”
The court received 29 letters in support of Bankman-Fried requesting leniency in his future sentence, including from family members and a cellmate.
Following the sentencing, the community deemed the 25-year term “too lenient,” considering the damage caused.