Crash Crypto: “Sorry…”, FTX boss breaks the silence
As the day dawns on the cryptocurrency market facing an industry disaster due to the impossibility of exchange FTX CEO of the platform to curb the crisis that started less than 48 hours ago Sam Bankman Fried comes out of silence.
Sam is enough
It seems all was smiling on young Sam Bankman Fried, a long-time cryptocurrency darling capable of turning everything he touched into (digital) gold.
It only took a few days for the FTX empire to crack everywhere under the admiring gaze of thousands of incredible investors. A cataclysmic situation that reaffirms that the industry that emerged from Bitcoin more than a decade ago remains, without a doubt, the scene of the most brazen successes, but has become a graveyard of shattered ambitions or a market shift at the snap of a finger. .
Even the disclosure of the potential takeover last night Binance did nothing: FTX and its native token FTT continued to slide to hell, the asset is currently trading at $5, down 72% in the last 24 hours.
Now all eyes are on the background Alameda, already pouring in investment from former empire Bankman Fried. Alameda is a key institution for many crypto players in the industry, beyond just the FTX exchange (Alameda Research is a stakeholder in dozens of major companies in the sector).
It’s time to clean up the social media to remove the various bravado of recent times and other comforting messages that now seem out of touch with reality. In parallel, Sam Bankman Fried he finally came out of silence with a letter circulating on social networks.
Sam Bankman Fried’s Apology
As specifically reported by The Block, Sam Bankman Fried seems to have chosen to avoid social media for a while.
“I apologize for the difficulty in getting in touch over the past few days, I wish I could have been more communicative during this process, but unfortunately I could not. Things fell into place dynamically. We have entered into a non-binding agreement with Binance to purchase FTX. What exactly does this mean?
It’s a good question, and unfortunately I don’t have a perfect answer for you as the details are still being worked out. We’ll keep you posted as we learn more.
Our first priority is to protect customers and the industry; guided what we do. We hope to accomplish all of these, which means that we will soon focus on our second priority, our shareholders.
Again, I wish I had more details for you now; I don’t know yet. I will give as I go. But protecting our shareholders is our top priority, in addition to non-negotiable priorities.
I’ll probably be very busy for the next few days, so unfortunately I probably won’t have much time for a while, but Ramnik [chef de produit de FTX ndlr] and others will be there and (slightly) less confusing. Anyway: I’ll come back to the events later, when I have time. I apologize for not doing better and will do my best to protect clients’ assets and your investments. »
Everyone will judge the sincerity of this mea culpa, based on their beliefs as well as their investment positions, as the cryptocurrency market as a whole continues to suffer this morning. Beyond the act of personal remorse, eyes now turn to the rest of the industry, LUNA case law has painfully demonstrated that the fall of the first domino is sometimes only a taste of real disasters.
Platforms and companies are born, live and die, but Bitcoin remains. Take advantage of these tough times to stock up! Register quickly on the Binance platformstanding firm in the storm (commercial link).
