The FTX founder admitted that he was “substantially off on my sense of users’ margin.”
FTX’s future was in grave jeopardy after rival platform Binance decided to nix a non-binding deal to bail out the platform from a liquidity crisis. Bankman-Fried took responsibility for FTX’s dire situation in a lengthy Twitter thread.Bankman-Fried tweeted.
The FTX founder admitted that he was “substantially off on my sense of users’ margin” prior to the current crisis. He also acknowledged misjudging FTX’s liquidity, which proved woefully inadequate to address a record $5 billion in withdrawals last Sunday as users scrambled to get their money out of the crumbling exchange.Which tells me a lot of things, both specifically and generally, that I was shit at.
“So, right now, we’re spending the week doing everything we can to raise liquidity. I can’t make any promises about that. But I’m going to try. And give anything I have to if that will make it work,” he added. “In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said in a statement.
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