by ZeroHedge News Staff at ZeroHedge
In his first words since the (alleged) ponzi fraud of FTX was exposed yesterday, Sam Bankman-Fried, CEO and founder of FTX, has issued a lengthy tweet-thread to try to explain himself.
He begins: “I’m sorry. That’s the biggest thing… I fucked up, and should have done better.”
1) I'm sorry. That's the biggest thing.
I fucked up, and should have done better.
— SBF (@SBF_FTX) November 10, 2022
And then goes on…
Continue ReadingI also should have been communicating more very recently.
Transparently–my hands were tied during the duration of the possible Binance deal; I wasn’t particularly allowed to say much publicly. But of course it’s on me that we ended up there in the first place.
So here’s an update on where things are.
[THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!]
[TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.]
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.
The full story here is one I’m still fleshing out every detail of, but as a very high level, I fucked 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.
My sense before:…