Sam Bankman-Fried Takes Full Responsibility In FTX Collapse. More news about the state of FTX is coming out in these hectic few days.
According to reports, troubled crypto exchange FTX’s CEO, Sam Bankman-Fried sold equity to employees at a 50% discount last spring. This was first reported by The Block. Another report from Bloomberg also stated that, many employees from FTX US are scrambling to sell off their assets in the midst of the turmoil.
SBF blame himself for the incident
In an emotional tweet, FTX’s Sam Bankman-Fried apologized for 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
“I’m sorry. That’s the biggest thing. I fucked up, and should have done better,” he said. Additionally, Bankman-Fried announced that Alameda Research, the trading firm that he co-founded with FTX, will be shutting down.
FTX is in the midst of a rapid fall from grace following his one-time hero status in the crypto sector. He is pleading for billions of dollars to avoid bankruptcy.
FTX was valued at $32 billion earlier this year, but now Bankman-Fried is once again seeking a partner to backstop the exchange after Binance pulled out of the acquisition deal.
“I also should have been communicating more very recently,” he said.
Read More: Companies with The Biggest Exposure to FTX
“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,” added him.
Aside from that, the CEO also shared an update regarding FTX International, saying “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.]”
Firing the employees
A person reported that about 20 people had been fired due to poor performance in June.
According to a posting on Zane Tackett’s Twitter account, the head of institutional sales was terminated on Nov. 10; the firm has declined to comment.
“Welp, no more updates from me. Went to check slack and noticed my account was deactivated. No heads up or anything, just suddenly lost access. Gmail and shit deactivated too. Was a pretty damn good 2 and a half years outside of the last week,” Tackett tweeted.
Welp, no more updates from me. Went to check slack and noticed my account was deactivated. No heads up or anything, just suddenly lost access. Gmail and shit deactivated too. Was a pretty damn good 2 and a half years outside of the last week.
— Zane Tackett (@tackettzane) November 10, 2022