FTX’s CEO Sam Bankman-Fried (SBF) posted a Twitter thread to say that FTX U.S. was 100% liquid and that he’d do all he can to boost liquidity for FTX Worldwide.
SBF began by admitting his function within the FTX crash and apologizing to the group. Then, he defined why he was silent for the previous few days by saying that he wasn’t “significantly allowed to say a lot publicly” earlier than Binance finalized its choice whether or not to amass FTX or not.
3) So this is an replace on the place issues 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.]
— SBF (@SBF_FTX) November 10, 2022
In response to SBF, FTX US hasn’t been affected by the current occasions and continues to be liquid.
SBF mentioned that FTX Worldwide additionally has the next worth of belongings than person deposits, nevertheless, it doesn’t imply that the change is liquid. He mentioned:
“FTX Worldwide at present has a complete market worth of belongings/collateral increased than consumer deposits (strikes with costs!). However that’s completely different from liquidity for supply–as you possibly can inform from the state of withdrawals. The liquidity varies broadly, from very to little or no.”
Being the CEO of the change, SBF admitted that he was method off on his sense of customers’ margin, which introduced FTX to its present scenario.
6) My sense earlier than:
Leverage: 0x
USD liquidity able to ship: 24x common day by day withdrawalsPrecise:
Leverage: 1.7x
Liquidity: 0.8x Sunday’s withdrawalsAs a result of, in fact, when it rains, it pours. We noticed roughly $5b of withdrawals on Sunday–the biggest by an enormous margin.
— SBF (@SBF_FTX) November 10, 2022
After coming clear, SBF mentioned that his precedence for the upcoming week is to “do proper by customers.”
He mentioned that the FTX group is in talks with quite a few gamers, and that they “will see how that finally ends up.” Crypto influencer Cobie revealed SBF’s slack messages earlier at present and revealed that he was seeking to elevate funds to compensate FTX customers. Supporting that declare, SBF now mentioned that each penny of a doable revenue and the present collateral “will go straight to customers.”
SBF finalized his phrases by saying if FTX manages to outlive, it should change into a way more clear platform, and that he doesn’t should be part of it if he’s not wished.
17) All the stakeholders would have a tough take a look at FTX governance. I cannot be round if I am not wished.
All the stakeholders–traders, regulators, customers–would have a big half to play in how it might be run.
Solely belief.
— SBF (@SBF_FTX) November 10, 2022
