{"id":14414,"date":"2022-11-10T17:58:33","date_gmt":"2022-11-10T17:58:33","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-ceo-updates-crypto-community-sunsets-alameda-trading-addresses-a-specific-sparring-partner-bitcoin-news\/"},"modified":"2022-11-10T17:58:33","modified_gmt":"2022-11-10T17:58:33","slug":"ftx-ceo-updates-crypto-community-sunsets-alameda-trading-addresses-a-specific-sparring-partner-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-ceo-updates-crypto-community-sunsets-alameda-trading-addresses-a-specific-sparring-partner-bitcoin-news\/","title":{"rendered":"FTX CEO Updates Crypto Community, Sunsets Alameda Trading, Addresses a Specific ‘Sparring Partner’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On Nov. 10, 2022, FTX CEO Sam Bankman-Fried (SBF) addressed the crypto community in a thread posted to Twitter. SBF noted that he messed up and \u201cshould have done better\u201d and also detailed that at some point he \u201cmight have more to say about a particular sparring partner.\u201d <\/strong><\/p>\n

SBF Says He Messed Up, Claims \u2018Hands Were Tied During the Duration of the Possible Binance Deal\u2019<\/h2>\n

Sam Bankman-Fried<\/a> (SBF) has discussed<\/a> some updates concerning FTX in an apologetic Twitter thread published on Thursday. The FTX CEO said he \u201cshould have been communicating more very recently,\u201d and further claimed his \u201chands were tied during the duration of the possible Binance deal.\u201d In the update, SBF insisted that the update only concerned FTX International and not FTX US, and he further stressed that \u201cFTX US users are fine.\u201d<\/p>\n

\u201cFTX International currently has a total market value of assets\/collateral higher than client deposits. But that\u2019s different from liquidity for delivery\u2013as you can tell from the state of withdrawals. The liquidity varies widely, from very to very little,\u201d SBF detailed in his Twitter thread.<\/p>\n

The FTX CEO added<\/a>:<\/p>\n

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The full story here is one I\u2019m still fleshing out every detail of, but as a very high level, I f***ed up twice. The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users\u2019 margin. I thought it was way lower.<\/p>\n<\/blockquote>\n

FTX Sees $5 Billion in Withdrawals on Sunday, SBF Shuts Down Alameda Research Trading, Bankman-Fried Talks About a Certain \u2018Sparring Partner\u2019<\/h2>\n

SBF also said that when it rains, it pours and on Sunday, the company saw $5 billion in withdrawals looking to be processed. He added that while he cannot make any promises, the company is \u201cspending the week doing everything we can to raise liquidity.\u201d<\/p>\n

\u201cThere are a number of players who we are in talks with, LOIs, term sheets, etc,\u201d SBF said. \u201cWe\u2019ll see how that ends up,\u201d he added. The FTX CEO also told the community that his quantitative trading platform Alameda Research<\/a> was ending operations. \u201cAlameda Research is winding down trading,\u201d SBF remarked. \u201cThey aren\u2019t doing any of the weird things that I see on Twitter\u2013and nothing large at all. And one way or another, soon they won\u2019t be trading on FTX anymore.\u201d<\/p>\n

While the thread was full of apologies and SBF saying many times that he messed up, the FTX CEO tweeted about a so-called sparring partner. \u201cAt some point I might have more to say about a particular sparring partner, so to speak,\u201d the FTX executive stated. But you know, glass houses. So for now, all I\u2019ll say is: well played; you won.\u201d<\/p>\n

According to a <\/span>report<\/span><\/a> published by Axios, two people familiar with the matter say FTX has attempted to engage with Kraken in a bid for rescue funding. Moreover, Japan\u2019s Financial Services Agency (FSA) has ordered FTX<\/a> to suspend operations immediately, citing that the regulator wants to protect creditors and investors from harm. <\/span><\/p>\n

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\nTags in this story
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$5 billion in withdrawals<\/a>, Alameda Research<\/a>, Apology<\/a>, Binance<\/a>, Binance Deal<\/a>, fsa<\/a>, ftx<\/a>, FTX Exchange<\/a>, FTX International<\/a>, FTX Sam Bankman-Fried<\/a>, FTX.US<\/a>, Japan\u2019s Financial Services Agency<\/a>, Kraken<\/a>, order<\/a>, Sam Bankman-Fried<\/a>, sbf<\/a>, sparring partner<\/a>, Sunset Alameda<\/a>, trading<\/a>, Twitter thread<\/a><\/div>\n<\/div>\n

What do you think about the FTX CEO\u2019s recent Twitter thread apologizing for his mistakes? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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