Crash Crypto: “Excuse me…”, the FTX boss broke the silence

As the day dawned on a battered crypto market amid the industrial catastrophe caused by the impossibility of exchange FTX to curb a crisis that began less than 48 hours ago, the CEO of the platform Sam Bankman Fried come out of silence.

Sam is enough

It seems so long ago when everything seemed to be smiling on young Sam Bankman Fried, crypto girlfriendapparently capable of turning anything it touched into (digital) gold.

It only took a few days for the FTX empire to explode everywhere, under the amazed gaze of thousands of incredulous investors. A cataclysmic situation that confirms once again that the industry born from Bitcoin more than a decade ago certainly remains the scene of the most brazen successes, but just as quickly it is turning into a graveyard of ambitions shattered at the step of the finger, or a market reversal. .

equally announcement last night possible receipt from Binance did nothing: FTX, and her internal FTT sign continued their descent into hellwith the asset currently trading at $5, down 72% over the past 24 hours.

Now all eyes are on the fund Alameda, pouring in investment from the now former Bankman Fried empire. Alameda, a key entity for many crypto players in the industry, far beyond the confines of just the FTX exchange (Alameda Research is a stakeholder in dozens of major companies in the sector).

A piece of history, now erased

Now is the time to clean up social media in order to erase the various recent bravados and other comforting messages that now seem out of step with reality. In parallel, Sam Bankman Fried has finally come out of silence through a letter circulating on social networks.

Sam Bankman Fried’s Apology

Postponed SPECIALLY from The Block, it’s by email that Sam Bankman Fried seems to have chosen to communicate, eschewing social media for a while.

“I’m sorry I’ve had a hard time getting in touch over the last few days, I wish I could have been more communicative during this process, but unfortunately I couldn’t. Things fell into place dynamically. We have entered into a non-binding agreement with Binance to purchase FTX. What exactly does this mean?

It’s a good question and unfortunately I don’t have a perfect answer for you as the details are still being worked out. We’ll keep you posted as we learn more.

Our first priority is to protect customers and the industry; it has guided what we do. We hope to achieve all of these, which means that we will soon focus on our second priority: our shareholders.

Again, I wish I had more details for you now; I do not know yet. I will give them as I go. But protecting our shareholders is our top priority in addition to non-negotiable priorities.

I will probably be very busy in the next few days, so unfortunately I probably won’t have much time for a while, but Ramnik [chef de produit de FTX ndlr] and others will be there and (slightly) less confused. Anyway: I’ll come back to the events later, when I have time. I’m sorry I didn’t do better and will do everything possible to protect client assets and your investment. »

Everyone will judge the sincerity of this mea culpa according to their own beliefs and investment positions, as the crypto market as a whole continues to suffer this morning. Beyond the act of personal contrition, eyes are now on the rest of the industry, with LUNA case law painfully demonstrating that the fall of the first domino was never only a prediction of real disasters.

Platforms and companies are born, live and die, but Bitcoin remains. Take advantage of these hard times to book! Register quickly on the Binance platformwhich remains strong in the storm (trade connection).

Leave a Comment