SBF seeks to raise liquidity for FTX International; funds to go “straight to users”

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FTX’s CEO Sam Bankman-Fried (SBF) post­ed a Twit­ter thread to say that FTX U.S. was 100% liq­uid and that he’d do all he can to raise liq­uid­i­ty for FTX International.

SBF start­ed by admit­ting his role in the FTX crash and apol­o­giz­ing to the com­mu­ni­ty. Then, he explained why he was silent for the past few days by say­ing that he wasn’t “par­tic­u­lar­ly allowed to say much pub­licly” before Binance final­ized its deci­sion whether to acquire FTX or not.

Accord­ing to SBF, FTX US hasn’t been affect­ed by the recent events and con­tin­ues to be liquid.

SBF said that FTX Inter­na­tion­al also has a high­er val­ue of assets than user deposits, how­ev­er, it doesn’t mean that the exchange is liq­uid. He said:

“FTX Inter­na­tion­al cur­rent­ly has a total mar­ket val­ue of assets/collateral high­er than client deposits (moves with prices!). But that’s dif­fer­ent from liq­uid­i­ty for delivery–as you can tell from the state of with­drawals. The liq­uid­i­ty varies wide­ly, from very to very little.”

Being the CEO of the exchange, SBF admit­ted that he was way off on his sense of users’ mar­gin, which brought FTX to its cur­rent situation.

After com­ing clean, SBF said that his pri­or­i­ty for the upcom­ing week is to “do right by users.”

He said that the FTX team is in talks with a num­ber of play­ers, and that they “will see how that ends up.” Cryp­to influ­encer Cobie pub­lished SBF’s slack mes­sages ear­li­er today and revealed that he was look­ing to raise funds to com­pen­sate FTX users. Sup­port­ing that claim, SBF now said that every pen­ny of a pos­si­ble income and the exist­ing col­lat­er­al “will go straight to users.”

SBF final­ized his words by say­ing if FTX man­ages to sur­vive, it will become a much more trans­par­ent plat­form, and that he doesn’t have to be a part of it if he’s not wanted.

Post­ed In: FTX, Invest­ments



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