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On November 6, approximately $5 billion was withdrawn from the exchange, according to SBF.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.”