Former FTX CEO Bankman-Fried said he wanted to ‘increase liquidity’ in his new and surprising tweets. On November 16, he made additional statements about his side of the incident on Twitter.
Sam Bankman-Fried details his stock market status after bankruptcy
Bankman-Fried continues to tweet. In one of his most recent posts, he said the crash was due to “too much leverage” and a bankrun scenario. The exchange faced intense demand for withdrawals after Binance announced that it would sell its FTX Tokens due to the disclosures.
SBF now plans to raise fresh capital to unite its clients after filing for Chapter 11 bankruptcy. It claims its goal is to “increase liquidity, integrate customers and start over.” It also disclosed its current liquid, semi-liquid and illiquid funds in FTX. However, it is estimated that FTX has more than one million creditors. Institutional investors are looking for ways to recover their funds from FTX.
SBF says it wants to ‘boost liquidity’ after FTX bankruptcy
The former CEO revealed in his latest tweet on November 16 that his bankrupt exchange plans to increase liquidity and integrate customers. He also suggested that FTX has $8 billion in liquid, $5.5 billion in semi-liquid and $3.5 billion in illiquid funds.
In previous tweets, he had said that FTX is handling around $10 billion in volume and billions of transfers per day. However, the leverage was more than he thought. This resulted in a liquidity crunch. Therefore, it plans to “increase liquidity, integrate customers and reboot”.
Sam Bankman-Fried thinks he can raise funds from investors. But he also agrees with his failure and that customers may not get much more than what’s already there. Meanwhile, FTX investors, including Softbank and Sequoia, mark their investments in FTX as “zero.”
He also believes that his current goals are to focus on cleanliness and transparency, as well as to unite customers. It plans to keep customers before investors. Zhu Su, co-founder of Three Arrows Capital, proposes to auction these “funds” at an auction in the Netherlands as “starting with your criminal token price and see where buyers show up”.
Binance withdrew from the purchase
cryptocoin.comAs you follow, Binance backed out of its FTX purchase on Wednesday. He cited mismanaged client funds as reasons for not pursuing the purchase. He also shared concerns about regulators. Other investors, including Singapore’s state-owned firm Temasek, are also currently forming relationships with FTX. Rumors of a potential government-backed bailout are currently circulating on Twitter.
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