Sam Bankman- Fried, the CEO of FTX, has had a week of hell.
His exchange collapsed in on itself, with rival Binance first offering to bail him out, only to withdraw the offer a day later after they looked at FTX's books.
The event wiped out almost all of Sam Bankman- Fried's net worth.
Is it possible that FTX customers will never get their money back? It looks increasingly unlikely, given some damning evidence.
The exchange is in serious trouble, as Fortune pointed out, after Bankman-Fried deleted his "FTX has enough to cover all client holdings" post a day before the offer was made.
Bankman- Fried said that their teams were working on clearing the withdrawal queue. All assets will be covered1:1.
The offer is no longer on the table.
"Our hope was to be able to support FTX's customers to provide liquidity, but the issues are beyond our control or ability to help, so we won't pursue it," the statement said.
Bankman- Fried has a steep hill to climb. Even if he has enough money, it's questionable if he's going to actually refund users.
The billionaire is a little bit sad.
He apologized in a thread on the social networking site.
Bankman- Fried said he didn't communicate enough and made errors while labeling "bank-related accounts."
He owes a lot of money to FTX users.
The FTX CEO said they were spending the week doing everything they could to raise money. I can't promise anything about that. I will try. Give everything I have to make it work.
Users can withdraw millions of dollars for the first time in days after FTX resumed withdrawals on Thursday.
The price of bitcoin fell sharply after FTX's implosion. It's another stark reminder that the places where assets are stored are incredibly risky.
The next implosion could be right around the corner, so it's important to treat cryptocurrencies with care.
Sam Bankman- Fried deleted his claim that FTX customer funds are safe.
A billionaire loses 94 percent of his wealth in one day.
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