FTX founder issues public apology as company verges on collapse
By Allison Morrow, CNN BusinessUpdated: Thu, 10 Nov 2022 15:58:01 GMTSource: CNN BusinessSam Bankman-Fried, the crypto entrepreneur whose FTX exchange has been in a death spiral this week, tweeted a cBy Allison Morrow, CNN Business
Updated: Thu, 10 Nov 2022 15:58:01 GMT
Source: CNN Business
Sam Bankman-Fried, the crypto entrepreneur whose FTX exchange has been in a death spiral this week, tweeted a candid apology Thursday morning.
"I'm sorry. That's the biggest thing. I f**ked up, and should have done better," Bankman-Fried said in a lengthy Twitter thread.
The FTX founder went on to say that the exchange's affiliated hedge fund, Alameda Research, would wind down trading while FTX focuses on boosting liquidity — "every penny" of which would go to helping make customers and investors whole, he said.
Alameda is at the heart of Bankman-Fried's crypto empire, and questions about its financial stability kicked off a flurry of withdrawals over the weekend. On Sunday alone, Bankman-Fried said, FTX was hit with $5 billion in withdrawals.
The near-collapse of FTX, one of the largest cryptocurrency exchanges, has sent shockwaves throughout the crypto industry, which was already being battered by higher interest rates and recession fears.
This story is developing and will be updated.