FTX's Sam Bankman- Fried apologized on Thursday, admitting that he should have done better. Bankman-Fried and FTX co- founded Alameda Research.
The post came as the one-time hero of the sector begged for billions of dollars to stay alive. FTX has been in a state of decline this week. The exchange was worth $32 billion earlier this year, but now it's worth less after another exchange pulled out of a deal to acquire it.
Bankman- Fried said he should have been communicating more recently. I wasn't allowed to say much publicly during the time I was tied up. It is my responsibility that we ended up there.
The FTX CEO gave an update on the situation with his exchange.
Bankman- Fried says that its international operation has a total market value of assets and collateral that is higher than client deposits, but that is different from the state of withdrawals.
Bankman-Fried said that he was still fleshing out every detail of the full story.
Poor internal labeling of bank related accounts was the first mistake of the FTX CEO. I didn't think it was that low.
He said the exchange saw roughly $5 billion of withdrawals on Sunday.
Bankman- Fried says his priority is to do right by users. He says that he and the team are trying to raise as much money as possible.
He couldn't make any promises about that. I'm going to attempt.
A number of players are in talks with the FTX.
He promised in his Thursday thread that every penny of that will go to users.
People who have fought for what's right for their career, and who weren't responsible for any of the ups.
The founder of the tron wrote on Wednesday that he was working with Sam Bankman-Fried of FTX to create a pathway.
Sun was light on the details of the arrangement, but he said that his team had been working around the clock to avert further degradation, and that he had faith that the situation was manageable.
It is not clear whether Sun plans to acquire FTX in a deal similar to the one announced with Binance, or if he is just trying to bail out those holding the tron token.
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A Chinese-born businessman has been involved in a lot of publicity stunts. He paid $4.7 million to have lunch with Warren Buffet but then canceled. There was a lunch in 2020. According to CNBC, he has been accused of copying other technologies for his own use.
CNBC reached out to Sun, but he did not reply.
The story is evolving. You can check back for the latest news.
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