Sam Bankman-Fried issued an official apology following the collapse of his cryptocurrency exchange.
He talked about making customers whole and finding a solution that would be best for all parties involved.
- FTX’s CEO took it to Twitter earlier on November 10 to shine some light on the current situation with his distressed crypto exchange.
- At first, he apologized for the entire fiasco, and said he should have done better as he had made at least two big mistakes, including failure to calculate his company’s liquidity properly.
6) My sense before:
Leverage: 0x
USD liquidity ready to deliver: 24x average daily withdrawals
Actual:
Leverage: 1.7x
Liquidity: 0.8x Sunday’s withdrawals
Because, of course, when it rains, it pours. We saw roughly $5b of withdrawals on Sunday–the largest by a huge margin.
— SBF (@SBF_FTX) November 10, 2022
- He took full responsibility for what transpired with FTX and promised to make users whole, which is his number one priority.
The post SBF’s Apology: Vows FTX to Make Customers Whole appeared first on CryptoPotato.
