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FTX founder, Bankman-Fried reveals plan for refund of investors before arrest in US

  • Business

The founder of Futures Exchange (FTX), Sam Bankman-Fried, has declared that the disgraced cryptocurrency platform has enough funds to pay its investors.

Investors in FTX lost several billions of dollars after the firm filed for bankruptcy amid allegations of money laundering and misuse of customers’ funds.

In a statement made available to the media, Bankman-Fried said the FTX investors in the United States are not affected by the loss of funds.

He insisted that the company has enough liquidity to pay out investors on the platform.

The crypto billionaire had planned to read the statement to the US House of Representatives on Tuesday before he was arrested on Monday.

Bankman-Fried insisted there is a credible way to raise billions of dollars for FTX International customers.

He said: “The customers who have lost assets are those who traded on the FTX International platform which does not accept US residents.

“My primary focus right now is to do right by the customers in FTX International who were hurt. I am fighting to make these customers as a whole as I can, and will keep doing so as long as I see any pathway forward because that is my duty.

“I believe that there is a credible path forward to put together billions of dollars of additional funds for FTX International customers.

“That would involve significant external financing, which in turn I believe would require the FTX exchange to restart operations.”