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SBF FTX News: Sam Bankman-Fried is blaming the ‘hurried’ decision to file for bankruptcy on pressure from various people. While he had already said he was not really in favor of filing for bankruptcy, he spilled some beans about what really happened behind the scenes. Within days after filing for chapter 11, the FTX co-founder said he regretted making the decision. In a latest, Bankman-Fried said he had to take the decision in a “really stressful situation.”
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“Bad Legal Advice”
The former FTX CEO said that he was under a lot pressure to go for bankruptcy proceedings. On November 12, FTX, along with several subsidiaries, filed for chapter 11 bankruptcy, in an effort to try and steer the company towards normalcy. At the time, it was said that the primary objective behind the filing was to return user funds. In a latest interview with Forbes, SBF said he received bad legal advice when the liquidity crisis unfolded.
“I was under a lot of pressure to do it. I got bad legal advice, and it was a really stressful situation with messages coming from many people.”
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He also said the chapter 11 filing is problematic on many fronts, no just for the company but also for customers. Speaking about the current leadership team at FTX, he said the company’s chapter 11 team is doing great job. They have a hard job as they inherited a complex company on a global scale.
Meanwhile, the crypto community is gearing up for SBF testimony hearing before the U.S. Senate on Tuesday. The hearing is likely to focus on the FTX liquidity crisis and to understand what really led to the situation.
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