SBF Apologises for FTX’s Downfall, Promises to do Everything to Restore Users
Sam Bankman-Fried (SBF) has tweeted for the first time since rival exchange Binance walked away from the FTX acquisition deal.
SBF: I Am Sorry
In a lengthy Twitter thread, SBF apologised to affected users and the crypto community while taking responsibility for the sudden crash of his crypto empire, which resulted in a bloodbath over the past few days.
The FTX CEO admitted that he made several big mistakes, including failing to properly calculate the company’s liquidity and not being transparent enough with users.
SBF Promises to Make Users Whole
After apologising and explaining his mistakes, SBF noted that the next important step for him is to make affected users whole. According to the former billionaire, he will take full responsibility and do everything he can to do right by users.
The FTX team is now doing everything possible to raise liquidity after rival exchange Binance backed out of the acquisition deal that was announced earlier this week during the heat of the fiasco.
Bankman-Fried noted that his company is currently in talks with other major players. He said the money raised from the negotiations would go straight to users who had their funds stuck on the platform after the exchange halted withdrawals a couple of days ago.
Justin Sun Working With FTX to Restore Withdrawals
Meanwhile, as reported earlier, Justin Sun, the founder of the Tron blockchain, announced that he was working with FTX to create a “holistic solution” to restore value to FTX users.
Sun also claimed that FTX had resumed trading of TRON (TRX) with plans underway to resume withdrawals.
~ By William A. Frederick ~
