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© Reuters Crypto platform founder FTX admits mistakes and seeks liquidity
New York, Nov 10 (.).- Sam Bankman-Fried, the founder of the cryptocurrency platform FTX, admitted this Thursday that he had made important mistakes that have led to the deep crisis suffered by the firm and its crypto asset FTT, and assured that is in talks to achieve liquidity and avoid bankruptcy.
In a thread on Twitter (NYSE:), Bankman-Fried apologized after the sudden crash suffered by FTX, which is on the verge of collapse, after many users rushed to withdraw their money from the platform amid doubts about its solvency.
The situation for FTX was further complicated on Wednesday, when Binance – the world’s leading currency exchange – announced that it was withdrawing the purchase offer it had announced a day earlier, when it had offered to come to the support of its rival.
“Our intention was originally to support FTX clients in their search for liquidity, but the matter is beyond our control and our ability to help,” Binance said in a statement.
The move caused a further crash in FTT, FTX’s digital asset, and sharp declines across the entire cryptocurrency market.
In recent years, Bankman-Fried had become one of the best known figures in this sector and had appeared on the covers of numerous economic media as one of the great faces of the world of cryptocurrencies.
FTX, which operates from the Bahamas and this year was valued at 32,000 million dollars, had established itself as one of the most important players in this market.
Although for now there are no clear figures, some sources suggest that the platform’s financial hole may amount to about 8,000 million dollars.
Today, his 30-year-old billionaire boss admitted that he made mistakes in calculating the levels of liquidity that were necessary and that he then erred again by not offering enough explanations about the situation of the platform once the clients started to withdraw money in bulk.
Right now, he explained, he is doing everything possible to obtain liquidity and is in talks with various actors to do so.
Bankman-Fried insisted that the money will go first to FTX clients and, only once their needs have been met, to investors and FTX employees.
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