FTX’s Sam Bankman-Fried tweeted Thursday morning He “sorry,” he admitted, “failed” and “should have done better.” Bankman-Fried also announced the closure of Alameda Research, a trading company he co-founded with his FTX.
The post comes at a time when the crypto sector’s former hero is begging for billions to stave off bankruptcy. Earlier this year, the exchange was valued at his $32 billion, but Bankman-Fried is backing his FTX again after rival exchange Binance pulled out of his FTX acquisition. looking for someone
“I should have communicated very recently,” Bankman-Fried writes. “Obviously my hands were tied during a potential deal with Binance. It is my responsibility to
The FTX CEO also provided an update on the bewildering state of the cryptocurrency exchange.
Bankman-Fried says that, with the exception of its U.S. operations, the combined market value of assets and collateral in its international operations is higher than customer deposits, but that is “different than liquidity for deliveries and withdrawals.” ”
Bankman-Fried wrote:
FTX CEO says his first mistake was poor internal labeling of bank-related accounts, meaning his sense of margins for users was “substantially off.” I’m here. “I expected it to be lower”
On Sunday, he said the exchange saw about $5 billion in withdrawals, which he called “by far the biggest.”
Bankman-Fried says his number one priority is “absolutely” to “do the right thing for our users.” To that end, he says, he and the team are spending the week doing everything they can to increase liquidity.
“I can’t make any promises about that,” he said. “But I’ll try.”
next step
The FTX chief also said he is in discussions with many players about next steps.
Hours After Binance Drops FTX Acquisition Deal, Justin Sun — Founder of Cryptocurrency Tron — murmured At 10 p.m. on Wednesday, he said he was “getting a solution together” with Sam Bankman-Fried’s cryptocurrency exchange FTX and “starting a path forward.”
Sun did not disclose details of the arrangement, but his team “We will work around the clock to prevent further deterioration.” He added that he believed the situation was “manageable” according to the “holistic approach” he had framed with his partner.
Bankman-Fried retweeted the post, asking whether Sun plans to acquire FTX in a deal similar to the one announced with Binance earlier this week, or whether the people holding tron tokens on the distressed exchange It is unclear if they are working to save it.
It is also possible that the message will be fulfilled without any action being taken.
The Chinese-born businessman has been involved in numerous controversies and publicity stunts in the past.In 2019, he paid $4.6 million to have lunch with Berkshire Hathaway CEO Warren Buffett. But then it was abruptly canceled. It has been accused of unscrupulously copying other technologies, including the coin terraUSD.
FTX said in an email to CNBC that what was shared on Twitter is the only official statement FTX will issue at this time. CNBC reached out to Sun but did not immediately respond to a request for comment.
“That and every penny in existing collateral will go directly to users unless or until we do them right,” he promised in a tweet thread on Thursday.
“After that, investors old and new, employees who fought for what was right for their careers, and employees who didn’t take responsibility for any failures.”
This is a developing story. Please check the latest information.
