FTX CEO Sam Bankman-Fried has apologized in one of his first public statements since the crypto market was inundated with rumors and worries about FTX’s insolvency.
SBF acknowledged to investors that he “should have done better” in terms of being transparent about the situation with FTX in a thread on Twitter on November 10.
The exchange’s CEO claimed that user withdrawals were causing a “liquidity crunch,” and he asked Binance for financial support. However, the potential partnership later broke down.
On November 6, approximately $5 billion was withdrawn from the exchange, according to SBF. FTX International’s assets were worth more overall than the deposits made by its clients, but “the liquidity varies widely, from very to very little.”
Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.
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