FTX founder SBF apologizes, admits his mistake, and claims he 'should have done better.'
was experiencing a “liquidity crunch” caused by user withdrawals and requested financial assistance from Binance — a potential deal that later fell apart.
According to SBF, the exchange saw roughly $5 billion in withdrawals on Nov. 6. The total market value of FTX International’s assets were higher than its clients’ deposits, but “the liquidity varies widely, from very to very little.” “The full story here is one I'm still fleshing out every detail of, but as a very high level, I fucked up twice,” said SBF. “The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users' margin. I thought it was way lower.” The FTX CEO added:
“I should have said more. I'm sorry — I was slammed with things to do and didn't give updates to you all.”November 10, 2022 While the deal with Binance may be dead, SBF said FTX was discussing similar options with “a number of players” in the crypto space, with “every penny” coming from a potential deal going to the exchange’s users. According to the CEO, Alameda Research was also “winding down trading” but United States-based exchange FTX US “was not financially impacted” by recent events.“At some point I might have more to say about a particular sparring partner, so to speak. But you know, glass houses.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Podcast: Dark Clouds Form over FTX and Sam Bankman-Fried | CoinMarketCapOn today's CoinMarketRecap with Connor Sephton, we'll find out why the crypto markets have suffered a painful pullback overnight.
Read more »
CZ Says Binance Intends to 'Fully Acquire FTX,' Sam Bankman-Fried Confirms Transaction – Bitcoin NewsAfter all the speculation surrounding FTX, Binance CEO Changpeng Zhao (CZ) revealed that his company is set to acquire FTX.
Read more »
FTX founder Sam Bankman-Fried removes ‘assets are fine’ flood from TwitterThe community has been outraged about SBF deleting recent tweets about FTX, with many blaming the CEO for “blatant lies” about the status of assets on the exchange.
Read more »
Sam-Bankman Fried told OKX FTX has liability of $7 bln - OKX directorFTX CEO Sam Bankman-Fried has appealed for a $2 billion to $4 billion cash injection from OKX on Monday morning just prior to the announcement of the now collapsed acquisition mooted by arch rival Binance, said a senior executive at OKX.
Read more »