Renowned crypto kingpin and founder of cryptocurrency company FTX, Sam Bankman-Fried, expressed his desire to kickstart a new venture to generate sufficient funds. This move comes as he aims to compensate the victims of FTX's collapse.

Speaking at a lavish complex in the Bahamas, the former billionaire refuted allegations of fraud. However, he admitted to being less competent than he had assumed previously.

"I worry about the possibility of arrest as I reflect in the evenings," he was quoted by BBC News on Sunday (12/11/2022). FTX's cryptocurrency exchange platform enables customers to trade fiat currency for cryptocurrencies like Bitcoin. Presently, the company ranks as the world's second-largest, trading around US$10 billion worth of crypto coins daily.

However, last month, it was revealed that both FTX and another company owned by Bankman, Alameda Research, were financially unstable. There were suspicions from a former employee that Alameda Research's hedge funds utilized FTX customers' funds to place risky financial bets.

Subsequently, just eight days later, the company filed for bankruptcy, leaving one million FTX users locked out of their crypto wallets and unable to access their funds. "I will contemplate how we can aid the world, and if users don't get much back, I will think about what I can do for them. And I believe I have, at the very least, a duty to FTX users to do right by them as best I can," he added.

"I will give anything to be able to do (the fundraising). And I will try if I can."

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