SBF Blames FTX Bankruptcy Decision on ‘Pressure, Stress’ From This Group
SBF FTX News – Sam Bankman-Fried blames the ‘hurried’ decision he made to file for bankruptcy due to pressure from different people. Although he admitted that he wasn’t in favor of bankruptcy filings, he revealed some details about what actually happened behind closed doors. The co-founder of FTX said that he regretted the decision a few days later. Bankman-Fried stated that he had to make the decision in a “really stressful” situation.
Also read: Apecoin Price Prediction – Here’s Why It May Outperform Bitcoin in the Coming Weeks
Former CEO of FTX said that he was under a lot of pressure to file for bankruptcy proceedings. FTX filed for chapter 11 bankruptcy on November 12 with several subsidiaries in an attempt to steer the company toward normalcy. According to the filings, the primary purpose was to return user funds. SBF stated that he was given poor legal advice during the liquidity crisis.
“I was under a lot pressure to do it. I received bad legal advice and it was very stressful with many messages.
Also read: SBF Jail – Is FTX founder Trying to Escape Arrest With Virtual Evidence?
He also stated that the chapter 11 filing was problematic on many levels, not only for the company, but also for customers. He said that the current leadership team at FTX is doing a great job. They are doing a difficult job because they inherit a complex company with global scale.
The crypto community is preparing for the testimony hearing of SBF before the U.S. Senate Tuesday. The hearing will likely focus on the FTX liquidity crisis, and what led to it.
Also read: Who is Mark Cuban? Shark Tank Investor Backs Crypto Companies
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.