Bankman-Fried apologizes, says FTX has more assets than client deposits
FTX CEO Sam Bankman-Fried apologized for the collapse of his crypto exchange, saying he is “sorry” and that he “fucked up.” . FTX collapsed this week after a run on its utility token. Binance, a rival exchange, backed out of a deal to bail out the beleaguered company on Wednesday.
Bankman-Fried further claimed that FTX is only facing liquidity issues, implying that it's not insolvent. "FTX International currently has a total market value of assets/collateral higher than client deposits (moves with prices!). But that's different from liquidity for delivery — as you can tell from the state of withdrawals. The liquidity varies widely, from very to very little," he said.
Source
https://t.me/InvestmentTradingUpdates
