Sam Bankman-Fried, the cryptocurrency entrepreneur whose FTX exchange is in a death spiral this week, tweeted a heartfelt apology Thursday morning.
“I’m very sorry. This is the main thing. I screwed up and I should have done better,” Bankman-Fried said in a long series of posts on Twitter🇧🇷
The FTX founder said Alameda Research, the exchange’s affiliated fund, will close trading while FTX focuses on increasing liquidity — and that “every penny” should go to compensating clients and investors, he said.
Alameda Research is at the heart of Bankman-Fried’s crypto empire, and questions about its financial stability led to a stampede over the weekend. On Sunday alone, Bankman-Fried said, FTX had $5 billion in bailouts.
The near-collapse of FTX, one of the biggest cryptocurrency exchanges on the market, sent a shock through the entire virtual currency industry, which was already reeling from higher interest rates and recession fears.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
