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SBF wants to start a new business, officially added as hearing witness

December 12, 2022 Coin Telegraph

BBC

With FTX creditors numbering over one million and owed up to $50 billion, FTX’s old CEO said he’s interested in starting a business to repay them all.

The founder and former CEO of bankrupt cryptocurrency exchange FTX has expressed interest in forming a new venture aimed at paying back the customers he owes money to.

"I would give anything to be able to do that. And I'm going to try if I can," Sam Bankman-Fried responded when asked by BBC during a Dec. 10 interview if he’d start a new business to repay FTX users.

"I'm going to be thinking about how we can help the world and if users haven't gotten much back, I'm going to be thinking about what I can do for them,” he added. “I think at the very least I have a duty to FTX users to do right by them as best as I can."

Bankman-Fried’s exchange may have “more than 1 million creditors,” according to bankruptcy filings from Nov. 14. Estimates on how much FTX has potentially lost range from $10 billion to $50 billion.

In line with previous statements during his so-called media apology tour, Bankman-Fried again said he "didn’t knowingly commit fraud. I don’t think I committed fraud.”

Bankman-Fried also admitted he “was certainly not nearly as competent as I thought I was."

SBF added as witness in US House Committee hearing

Meanwhile, after days of back and forth between United States House Representative Maxine Waters and Bankman-Fried, the FTX founder is now officially confirmed as a witness for the Dec. 13 hearing with the House Committee on Financial Services.

As of Dec. 11, his name now officially shows up on the list of witnesses scheduled to attend the Dec. 13 hearing, titled “Investigating the Collapse of FTX, Part I.”

The other witness, whohad already been added as of Dec. 9, is none other than John Ray, the new CEO of FTX.

Controversially, Bankman-Fried has missed the deadline to confirm his appearance at a Senate Committee hearing on FTX's collapse, scheduled for Dec. 14.

A Dec. 7 letter addressed to Bankman-Fried from Committee Chair Sherrod Brown warned that the senator was prepared “to issue a subpoena to compel your testimony.”

A statement on Dec. 9 from Brown and Senator Pat Toomey noted Bankman-Fried did not respond to the deadline and the committee “will continue to work on having him appear before Congress.”

Toomey tweeted on Dec. 9 that he’s “glad” Bankman-Fried would appear at the House hearing and added he expects the FTX founder at the Senate’s hearing the day after.

BBC pulls doco as doubts emerge over trader who turned $50 into $8M

February 11, 2022 Coin Telegraph

BBC pulls doco as doubts emerge over trader who turned into M

BBC

“The BBC swiftly said it had withdrawn the show but did not make any further comment on its editorial checks,” The Guardian wrote.

The BBC has pulled a documentary focused on a 20-year-old crypto trader who supposedly turned $50 into an $8 million fortune last year.

The doco was titled “The Crypto Millionaire” and followed the story of Birmingham-based Hanad Hassan, who claims to have made a return of around 16,000,000% in one year from trading unspecified crypto assets.

The story was set to be broadcast this week and explore how Hassan had started to give back to the community following his newfound wealth, however the show was canned after the Guardian reported on Feb. 10 that it had raised concerns with the BBC’s research:

“The Guardian asked the BBC if it was confident in his claimed financial returns and questioned why the program’s promotional material did not mention that Hassan’s cryptocurrency Orfano was abruptly shut down in October, with many unhappy investors claiming they were left out of pocket as a result.”

“The BBC swiftly said it had withdrawn the show but did not make any further comment on its editorial checks,” wrote The Guardian’s media editor Jim Waterson.

In a now-deleted promotional story for the documentary on the BBC’s website (that can still be found via web.archive.org), it reported that Hassan had initially turned $50 into $1 million in Q1 2021, before going on to co-found his own “special cryptocurrency” that donates all of its profits to charity.

It is unclear how Hassan made the remaining $7 million of the reported $8 million figure, as the BBC did not specify the details behind his “net worth” and how he generated the money between Q1 and Q4 2021.

According to Coinmarketcap, Hasan’s ORFANO token was released on April 2, 2021, and had a 6% tax on all transactions using the asset. Out of the tax generated from the token, 2% of it was allocated to a wallet address for charity donations. There is no listed price history for the token, however the BBC reported that OFRANO donated $200,000 to charity last year from its profits.

Looking at posts from the r/Orfano community on social media platform Reddit, it appears that the project went cold around September before closing down in October suggesting that ORFANO lasted only around five or six months. Numerous users in the subreddit alleged that the project may have been illegitimate, although that's a fairly common claim made by community members whenever projects end unsuccessfully.

In a message to the community that was reposted on Reddit, Hassan and co-founder Ahmed wrote:

“Things haven’t gone the way we had planned and after careful consideration we have decided that we will [be] stopping the continuing of the project. The team have put in every effort to maintain and grow the token but we don’t see any progress and a way to bring Orfano x back to the good days.”

BBC