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HomeTechFTX CEO Bankman-Fried says he’s sorry; company in talks to raise capital...

FTX CEO Bankman-Fried says he’s sorry; company in talks to raise capital after Binance deal fell through

Sam Bankman-Fried, chief executive of FTX, one of the world’s biggest crypto exchanges, apologized to his followers on Twitter after the company’s bailout led by rival Binance fell through.

The crypto entrepreneur announced that his company FTX, which is on the brink of insolvency, is looking to raise new capital and will also wind down trading firm Alameda Research.

In a bid to be more transparent about the company’s situation, Bankman-Fried, commonly known as SBF put a statement out on Twitter. “I’m sorry. That’s the biggest thing”, Bankman-Fried tweeted.

Taking responsibility for the what has unfolded over the past few days, Bankman-Fried said he had mishandled the situation twice and was sorry for it.

“The full story here is one I’m still fleshing out every detail of, but as a very high level, I f***** up twice.The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users’ margin. I thought it was way lower” he tweeted.

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SBF also acknowledged that he miscalculated the liquidity present in the market. According to his tweet, FTX saw $5 billion worth of withdrawals on Sunday.

Bankman-Fried said that his top priority was to take responsibility and do right by the users.

“Anyway: right now, my #1 priority–by far–is doing right by users. And I’m going to do everything I can to do that. To take responsibility, and do what I can”, SBF tweeted.

He said he was going to spend the next week “doing everything we can to raise liquidity”.

Bankman-Fried also said that the company was in talks with a number of players for a bailout with letter of intent and term sheets present in the picture.

“Every penny of that–and of the existing collateral–will go straight to users, unless or until we’ve done right by them. 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 fuck ups”, he Tweeted talking about the bailout.

The FTX chief also said that he was solely responsible for the company’s condition and that he will “not be around” if he is not wanted.

“All of the stakeholders would have a hard look at FTX governance. I will not be around if I’m not wanted. All of the stakeholders–investors, regulators, users–would have a large part to play in how it would be run. Solely trust”, SBF tweeted.

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