• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, July 14, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

FTX CEO Sam Bankman-Fried says “Sorry”; Blame himself for everything that went wrong

by Thomas Babychan
November 11, 2022
in Bitcoin, Blockchain, Business, Crypto, Crypto Exchanges, Crypto Regulation, Markets, Trending, World
Reading Time: 2 mins read
0
FTX CEO Sam Bankman-Fried benefited $100m from Twitter deal

FTX CEO Sam Bankman-Fried benefited $100m from Twitter deal

TwitterWhatsappLinkedin

FTX CEO Sam Bankman-Fried took to Twitter on Thursday to apologise for not performing his duties properly as the head of the crypto currency exchange. He tweeted that he was “sorry,” for all the troubles and also admitted that he “f—ed up” and “should have done better.” Sam Bankman-Fried also made a signifnact announcement regarding Alameda Research, a quantitative trading firm cofounded by him.

You might also like

Trump Administration to Leverage AI for Medicare Authorization Denials

China’s Maglev Train Hits 404 mph, Paving Way for the Future of Ultra-Fast Travel

SpaceX Injects $2 Billion Into Elon Musk’s AI Startup xAI Amid Broader $5 Billion Funding Push

He said that Alameda Research is winding down its trading operations amnidst serious liquity crunch faced by FTX.

“I also should have been communicating more very recently,” wrote Bankman-Fried. “Transparently–my hands were tied during the duration of the possible Binance deal; I wasn’t particularly allowed to say much publicly. But of course it’s on me that we ended up there in the first place.”

Sam Bankman-Fried who was once considered as young hero of crypto currency world is currently approaching various financial players for funding which will help to save FTX from bankruptcy. FTX which had posted a valuation of 32 billion dollar at the beginning of calendar year have had troubling times for past few days.  Large amount of withdrawals and external factors pushed the liquidity levels of the firm to an alarmingly low rate.

The FTX CEO also provided the latest on where things stand with his beleaguered crypto exchange.

Excluding its U.S. business, Bankman-Fried said the international operation has a total market value of assets and collateral that is higher than client deposits, but he said that is “different from liquidity for delivery–as you can tell from the state of withdrawals.”

“The full story here is one I’m still fleshing out every detail of, but as a very high level, I f—ed up twice,” wrote Bankman-Fried.

The FTX CEO said his first mistake was poor internal labeling of bank-related accounts, which meant that he was “substantially off” on his sense of users’ margin. “I thought it was way lower.”

He said that on Sunday the exchange saw roughly $5 billion of withdrawals, which he called “the largest by a huge margin.”

By Wednesday, Bankman-Fried told investors that the company was facing a shortfall of at least $8 billion and needed emergency funding, according to a person familiar with the matter.

In Thursday’s tweet thread, Bankman-Fried said his No. 1 priority “by far” is “doing right by users.” To that end, he said, the team is spending the week doing everything it can to raise liquidity.

“I can’t make any promises about that,” he said. “But I’m going to try.”

“Every penny of that–and of the existing collateral–will go straight to users, unless or until we’ve done right by them,” he pledged Thursday.

“After that, investors–old and new–and employees who have fought for what’s right for their career, and who weren’t responsible for any of the f— ups.”

Bankman-Fried also said he’s in talks with a number of players about next steps.

Tweet54SendShare15
Previous Post

Wall Street surges as Inflation slowdown in USA

Next Post

“This is just ridiculous”: Girl vows never to buy Starbucks again!

Thomas Babychan

Thomas Babychan is an experienced business and economic journalist with a focus on international trade, stock market, banking, and multilateral organizations. He also has expertise in international relations and diplomacy.

Recommended For You

Trump Administration to Leverage AI for Medicare Authorization Denials

by Sneha Singh
July 14, 2025
0
Trump Administration to Leverage AI for Medicare Authorization Denials

The Trump Administration has announced a significant change to Traditional Medicare that will require patients to get advance approval for many medical services—a process known as prior authorization....

Read more

China’s Maglev Train Hits 404 mph, Paving Way for the Future of Ultra-Fast Travel

by Harikrishnan A
July 14, 2025
0
China’s Maglev Train Hits 404 mph, Paving Way for the Future of Ultra-Fast Travel

China has reached a major milestone in its quest to revolutionize high-speed transportation. In a recent test conducted at Donghu Laboratory in Hubei Province, a magnetic levitation (Maglev)...

Read more

SpaceX Injects $2 Billion Into Elon Musk’s AI Startup xAI Amid Broader $5 Billion Funding Push

by Harikrishnan A
July 14, 2025
0
Elon Musk Threatens “Thermonuclear Lawsuit” Against Media Watchdog Amid Ad Exodus on X

Elon Musk's artificial intelligence company, xAI, has received a significant financial boost with SpaceX contributing $2 billion as part of a larger $5 billion funding round, according to...

Read more
Next Post
“This is just ridiculous”: Girl vows never to buy Starbucks again!

"This is just ridiculous": Girl vows never to buy Starbucks again!

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?