1 year ago
FTX’s CEO Sam Bankman-Fried (SBF) posted a Twitter thread to accidental that FTX U.S. was 100% liquid and that he’d bash each helium tin to rise liquidity for FTX International.
SBF started by admitting his relation successful the FTX clang and apologizing to the community. Then, helium explained wherefore helium was soundless for the past fewer days by saying that helium wasn’t “particularly allowed to accidental overmuch publicly” earlier Binance finalized its determination whether to get FTX oregon not.
3) So here's an update connected wherever things 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
According to SBF, FTX US hasn’t been affected by the caller events and continues to beryllium liquid.
SBF said that FTX International besides has a higher worth of assets than idiosyncratic deposits, however, it doesn’t mean that the speech is liquid. He said:
“FTX International presently has a full marketplace worth of assets/collateral higher than lawsuit deposits (moves with prices!). But that’s antithetic from liquidity for delivery–as you tin archer from the authorities of withdrawals. The liquidity varies widely, from precise to precise little.”
Being the CEO of the exchange, SBF admitted that helium was mode disconnected connected his consciousness of users’ margin, which brought FTX to its existent situation.
6) My consciousness before:
Leverage: 0x
USD liquidity acceptable to deliver: 24x mean regular withdrawals
Actual:
Leverage: 1.7x
Liquidity: 0.8x Sunday's withdrawals
Because, of course, erstwhile it rains, it pours. We saw astir $5b of withdrawals connected Sunday–the largest by a immense margin.
— SBF (@SBF_FTX) November 10, 2022
After coming clean, SBF said that his precedence for the upcoming week is to “do close by users.”
He said that the FTX squad is successful talks with a fig of players, and that they “will spot however that ends up.” Crypto influencer Cobie published SBF’s slack messages earlier contiguous and revealed that helium was looking to rise funds to compensate FTX users. Supporting that claim, SBF present said that each penny of a imaginable income and the existing collateral “will spell consecutive to users.”
SBF finalized his words by saying if FTX manages to survive, it volition go a overmuch much transparent platform, and that helium doesn’t person to beryllium a portion of it if he’s not wanted.
17) All of the stakeholders would person a hard look astatine FTX governance. I volition not beryllium astir if I'm not wanted.
All of the stakeholders–investors, regulators, users–would person a ample portion to play successful however it would beryllium run.
Solely trust.
— SBF (@SBF_FTX) November 10, 2022
The station SBF seeks to rise liquidity for FTX International; funds to spell “straight to users” appeared archetypal connected CryptoSlate.
English (US) 