Sam Bankman-Fried: 'FTX bankruptcy filing is my biggest mistake'

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The former CEO of the bankruptcy exchange FTX said his biggest regret was filing under Chapter 11 of the US Bankruptcy Code.

Sam Bankman-Fried sharedon Twitter with his thoughts on regulators, ethics and Alameda's actions. The founder of FTX admitted that he made many mistakes, but the biggest one was filing for bankruptcy.

“I've screwed up a lot of times.But do you know my biggest mistake? Everyone told me to file for Article 11 bankruptcy, and I did it. If I had not submitted the application, then the problems of FTX would have been resolved by 70 percent. But I submitted the paper and now the authorities are trying to completely destroy the company,” said Bankman-Fried.

He also noted that he still has abouttwo weeks to find $8 billion. However, the goals are not entirely clear - according to the new CEO and director of restructuring of FTX, John Ray, Bankman-Fried no longer has power in FTX, FTX.US and Alameda Research.

The former FTX CEO also said that “regulators are making everything worse.” A few hours later, however, he admitted that regulating a new and growing industry is quite difficult:

“Working with regulators requires a hugepatience, while investor protection remains weak. You all deserve regulators that will provide a reasonable level of user protection while preserving freedom in the industry."

Earlier, Bits.Media published a large-scale material about the causes and consequences of the collapse of FTX.