FTX founder and CEO Sam Bankman-Fried broke his silence on Thursday morning with a lengthy statement taking responsibility for financial irregularities at the exchange and its subsequent collapse.
In a thread on Twitter, the founder gave the fullest explanation yet of the unexpected crisis that has all but destroyed his company.
“I fucked up, and should have done better,” Bankman-Fried said. “I also should have been communicating more very recently.”
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In the following explanation, the CEO insisted the problems are limited to FTX’s international arm (which is not subject to US banking regulations). Even within FTX International, Bankman-Fried says total holdings are sufficient to satisfy the company’s debts. However, he acknowledged that…
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