FTX founder apologizes to the public – Geeko

Cryptocurrency exchange platform worth tens of billions of dollars has gone bankrupt. Earthquake in the world of cryptocurrencies: Bitcoin lost 7.37% of its value on Friday, November 11th.

Cryptocurrency exchange company FTX was to be acquired by Binance. But the transaction was canceled after some revelations about FTX’s finances. The reason may be a financial arrangement. The Alameda Research fund, owned by Sam Bankman-Fried, the founder of FTX, has invested in cryptocurrencies issued by FTX, inflating the value of these tokens.

Following the offering, Binance Chairman Changpeng Zhao withdrew all of the assets he had on FTX, accelerating the price collapse for tokens on the platform. However, the exchange platform was previously valued at $32 billion. Hitting FTX, which should now find liquidity.

In a Twitter thread, Sam Bankman-Fried took full responsibility: “I’m sorry. It’s the most important. I screwed up and I should have done better. I also needed to communicate more. To be transparent, my hands were tied during a possible transaction with Binance. I had no right to speak about it publicly. »

FTX is a cryptocurrency exchange established in 2019 and based in the Bahamas. This company allowed its founder to have a fortune estimated at $ 20 billion at the peak of his career, according to The Verge.

Remy Vande Wiele

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