Founder of now-bankrupt exchange wants to start things from scratch, here’s how community reacted
Sam Bankman-Fried, who co-founded major exchange FTX which he recently declared bankruptcy, has taken to Twitter to tell the community that he is looking to restart his business.
He plans to compensate losses to customers first and, after that, to take care of investors.
Two prominent figures in the crypto industry responded to his outcry – Kim Dotcom and the Dogecoin co-creator – but their responses were starkly different.
List of SBF’s goals as he says he wants fresh start
Former billionaire and investor Sam Bankman-Fried tweeted that his goal, above all others, is to reimburse FTX customers, who lost their funds. To do that, he tweeted, he is meeting with regulators and “working with teams to do what we can for customers.”
Then, according to another tweet in the thread, the SBF wants to “focus on and focus on transparency.” He reminded the audience that just a few weeks ago, his exchange displayed a trading volume of around $10 billion per day and handled billions of transactions.
The main problem, according to him, was “too much leverage” — a lot more than he realized there was.
“Increase Liquidity, Fulfill Customers, and Restart”
Bankman-Fried wants to try and restart its business after boosting liquidity and reimbursing customers for their losses. Despite his recent setback, he tweeted that he thinks he “could get somewhere.”
Kim Dotcom and DOGE co-founder respond
Prominent entrepreneur and hacker Kim Dotcom, along with DOGE creator Billy Markus, responded to that thread by Bankman-Fried.
It seems that Dotcom wants SBF to try to get his second chance out of the crypto community. He suggested that SBF participate in his online program which he referred to as “our FTX Space” which would take place seven hours from now and answer questions from the crypto community, presumably to him and his audience.
Kim Dotcom stated that if he wants a second chance, SBF should compensate customers and be honest with the crypto community. In that case, they might be willing to start trusting him again.
In another tweet, Dotcom explained that he wanted to hear from Sam what he thought. And again, it will be up to crypto users to “do they want to help sink this ship.”
However, contrary to that, Billy Markus, who co-created Dogecoin, believes that “people, who commit enormous massive fraud” must not be given a second chance to commit the same mistake once again.
So, I don’t know about you guys, but I don’t think we should be giving people who have committed massive fraud a second chance to commit massive fraud again. the jig is up. Everyone knows who you really are. you lose Good day Guruji.
