FTX founder and CEO Sam Bankman-Fried broke his silence on Thursday morning with a lengthy statement taking responsibility for financial irregularities at the exchange and its subsequent collapse.
In a thread on Twitter, the founder gave the fullest explanation yet of the unexpected crisis that has all but destroyed his company.
“I fucked up, and should have done better,” Bankman-Fried said. “I also should have been communicating more very recently.”
In the following explanation, the CEO insisted the problems are limited to FTX’s international arm (which is not subject to US banking regulations). Even within FTX International, Bankman-Fried says total holdings are sufficient to satisfy the company’s debts. However, he acknowledged that…
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