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Platform Founder FTX, Sam Bankman Freedadmitted all her mistakes in the midst of the crisis, that the exchange cryptocurrencies after running out of liquidity.
Via the tycoon’s Twitter thread cryptocurrencies took full responsibility for the financial violations of the platform, which led to the collapse of his company.
“fuck her”
Bankman-Fried, who lost 94% of his fortune in one day, explained the situation he is going through FTX and Alameda research.
“I screwed up and I should have done better,” said Bankman-Fried. “I’ve had to socialize as well lately.”
He acknowledged that the exchange cryptocurrencies is going through a liquidity crisis, so customers cannot get back the money invested in their platform.
The General Manager assures that FTX in total, up to $5 billion was withdrawn, and the international arm was only able to fulfill 80% of these requests, causing even more distrust from its investors.
“Poor internal labeling of accounts associated with the bank meant that I had essentially lost my understanding of the user’s margin. I thought it was much lower,” he wrote.
“So we are where we are,” Bankman-Fried concluded. “What sucks and it’s up to me. I’m sorry”.
wealth is leaving
Bankman-Fried saw his huge fortune evaporate, losing up to $16 billion after the stocks of his companies and his holdings in cryptocurrencies.
own FTX It became worthless, and Binance, the rival company that announced it would buy it to save it, decided to step aside after seeing “internal numbers and mismanagement.”
Chaos led to the collapse of the entire cryptocurrency market. bitcoin reached the bottom of 15 thousand dollars, having fallen in price to values at the start of the pandemic. The rest of the virtual currencies are also bleeding and unlikely to recover any time soon.
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Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.