Former FTX founder Sam Bankman-Fried criticizes regulators

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Former FTX founder Sam Bankman-Fried criticizes regulators

Sam Bankman-Fried, the founder of the collapsed FTX, said he regretted his decision to file for bankruptcy and criticized regulators in an interview published by Vox.

Bankman- Fried later on Twitter said that the basis of the interview, an exchange of messages on the same platform, was not supposed to be public.

The company, which filed for bankruptcy last week, has appointed five new independent directors at each of its main affiliated companies, including Alameda research. The five new directors and newly appointed Chief Executive John J. Ray are working to navigate the bankruptcy process.

In the interview, Bankman-Fried said that those in charge of FTX's Chapter 11 bankruptcy process were trying to burn it to the ground out of shame, and he had two weeks in which to raise $8 billion and save the company.

He said that it's basically all that matters, raising the money for the rest of my life.

His single biggest mistake had been Chapter 11. If you hadn't done that, withdrawals would be opening up in a month with customers fully whole. He said that regulators make everything worse. He said they don't protect customers at all.

In a statement released on Twitter, Ray said that Bankman-Fried did not speak on their behalf and had no ongoing role at FTX, FTX US or Alameda Research.

FTX is in contact with dozens of global regulators, including the U.S. Securities and Exchange Commission.

After Vox published the interview, Bankman-Fried said that he had said that some of what he had said had been thoughtless or overly strong and that he was venting about something that was not intended to be public.

It's really hard to be a regulator. He wrote on Twitter that they have an impossible job: to regulate entire industries that grow faster than their mandate allows them to. He added that the message exchange with Vox's reporter was not intended to be public. A Vox spokeswoman said all communication with Vox reporters was on-the- record unless the subject and reporter had agreed otherwise.

He made no objection to his reply before publication. Bankman- Fried didn't respond immediately to a request for further comment from Reuters.