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 “should have done better” and also detailed that at some point he “might have more to say about a particular sparring partner.”
Sam Bankman-Fried (SBF) has discussed some updates concerning FTX in an apologetic Twitter thread published on Thursday. The FTX CEO said he “should have been communicating more very recently,” and further claimed his “hands were tied during the duration of the possible Binance deal.” In the update, SBF insisted that the update only concerned FTX International and not FTX US, and he further stressed that “FTX US users are fine.”
“FTX International currently has a total market value of assets/collateral higher than client deposits. 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,” SBF detailed in his Twitter thread.
The FTX CEO added:
The full story here is one I’m 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’ margin. I thought it was way lower.
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 “spending the week doing everything we can to raise liquidity.”
“There are a number of players who we are in talks with, LOIs, term sheets, etc,” SBF said. “We’ll see how that ends up,” he added. The FTX CEO also told the community that his quantitative trading platform Alameda Research was ending operations. “Alameda Research is winding down trading,” SBF remarked. “They aren’t doing any of the weird things that I see on Twitter–and nothing large at all. And one way or another, soon they won’t be trading on FTX anymore.”
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. “At some point I might have more to say about a particular sparring partner, so to speak,” the FTX executive stated. But you know, glass houses. So for now, all I’ll say is: well played; you won.”
According to a report 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’s Financial Services Agency (FSA) has ordered FTX to suspend operations immediately, citing that the regulator wants to protect creditors and investors from harm.
What do you think about the FTX CEO’s recent Twitter thread apologizing for his mistakes? Let us know what you think about this subject in the comments section below.
Jamie 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: 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 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.
SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale
Grayscale Investments' CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF). SEC Approving Spot Bitcoin ETF Is 'a Matter of When and Not ... read more.
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 “should have done better” and also detailed that at some point he “might have more to say about a particular sparring partner.”
Sam Bankman-Fried (SBF) has discussed some updates concerning FTX in an apologetic Twitter thread published on Thursday. The FTX CEO said he “should have been communicating more very recently,” and further claimed his “hands were tied during the duration of the possible Binance deal.” In the update, SBF insisted that the update only concerned FTX International and not FTX US, and he further stressed that “FTX US users are fine.”
“FTX International currently has a total market value of assets/collateral higher than client deposits. 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,” SBF detailed in his Twitter thread.
The FTX CEO added:
The full story here is one I’m 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’ margin. I thought it was way lower.
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 “spending the week doing everything we can to raise liquidity.”
“There are a number of players who we are in talks with, LOIs, term sheets, etc,” SBF said. “We’ll see how that ends up,” he added. The FTX CEO also told the community that his quantitative trading platform Alameda Research was ending operations. “Alameda Research is winding down trading,” SBF remarked. “They aren’t doing any of the weird things that I see on Twitter–and nothing large at all. And one way or another, soon they won’t be trading on FTX anymore.”
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. “At some point I might have more to say about a particular sparring partner, so to speak,” the FTX executive stated. But you know, glass houses. So for now, all I’ll say is: well played; you won.”
According to a report 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’s Financial Services Agency (FSA) has ordered FTX to suspend operations immediately, citing that the regulator wants to protect creditors and investors from harm.
What do you think about the FTX CEO’s recent Twitter thread apologizing for his mistakes? Let us know what you think about this subject in the comments section below.
Jamie 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.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: 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 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.
Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
Terra classic has been one of Thursday’s biggest gainers, as crypto markets found light in the form of the latest U.S. inflation (CPI) report, which came in at 7.7%. The token was up by nearly 14% in today’s session, as founder Do Kwon ironically gave his best wishes to FTX chief Sam Bankman-Fried. Polygon was another big mover, also rising by as much as 14%.
Terra classic (LUNC) was one of today’s notable gainers, as the token rose by as much as 14% on Thursday.
Following a low of $0.0001667 on Wednesday, LUNC/USD raced to an intraday high of $0.0002144 earlier in the day.
The move came as prices snapped a four-day losing streak, rebounding from a key support point in the process.
Looking at the chart, the support of $0.0001610 also birthed a similar rebound on September 1, sending prices to a high of $0.0002900 at that time.
The 14-day relative strength index (RSI) rebounded from a floor of its own at 29.40, and has now moved to 37.70.
Should this momentum continue, we will likely see LUNC bulls attempt to break out of a ceiling at $0.0002150.
Polygon (MATIC) also surged on Thursday, following the release of the latest consumer price index in the United States.
MATIC/USD moved to an intraday peak of $1.08 in today’s session, less than 24 hours after trading at a low of $0.7789.
The surge sees the token climb above a key resistance level of $0.95, as it looks to recapture another at $1.20.
In order to achieve this, MATIC will first need to break out of an upcoming ceiling on the RSI indicator.
The index, which is currently tracking at 56.24, is fast approaching an obstacle in the form of a wall at 57.00.
If polygon were to extend today’s momentum, it would first need to move above this upcoming point.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see polygon reach $1.20 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: 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 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.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
Terra classic has been one of Thursday’s biggest gainers, as crypto markets found light in the form of the latest U.S. inflation (CPI) report, which came in at 7.7%. The token was up by nearly 14% in today’s session, as founder Do Kwon ironically gave his best wishes to FTX chief Sam Bankman-Fried. Polygon was another big mover, also rising by as much as 14%.
Terra classic (LUNC) was one of today’s notable gainers, as the token rose by as much as 14% on Thursday.
Following a low of $0.0001667 on Wednesday, LUNC/USD raced to an intraday high of $0.0002144 earlier in the day.
The move came as prices snapped a four-day losing streak, rebounding from a key support point in the process.
Looking at the chart, the support of $0.0001610 also birthed a similar rebound on September 1, sending prices to a high of $0.0002900 at that time.
The 14-day relative strength index (RSI) rebounded from a floor of its own at 29.40, and has now moved to 37.70.
Should this momentum continue, we will likely see LUNC bulls attempt to break out of a ceiling at $0.0002150.
Polygon (MATIC) also surged on Thursday, following the release of the latest consumer price index in the United States.
MATIC/USD moved to an intraday peak of $1.08 in today’s session, less than 24 hours after trading at a low of $0.7789.
The surge sees the token climb above a key resistance level of $0.95, as it looks to recapture another at $1.20.
In order to achieve this, MATIC will first need to break out of an upcoming ceiling on the RSI indicator.
The index, which is currently tracking at 56.24, is fast approaching an obstacle in the form of a wall at 57.00.
If polygon were to extend today’s momentum, it would first need to move above this upcoming point.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see polygon reach $1.20 in the coming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: 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 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.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
PRESS RELEASE. The authentic strategy blockchain game, PROJECT XENO, will host an NFT sale in collaboration with the most popular YouTuber with over 4.86 million followers (as of October 24), Hikaru, from November 23, 2022 to November 30, 2022.
Hikaru Collaboration NFT Sale Website:
https://project-xeno.com/feature/hikaru-sale
Here is a walk through for those who are new to this NFT sale:
https://project-xeno.com/feature/begginers-guide
Free Raffle Tickets Distribution
Distributed as one of the GXE Partner benefits
Distribute to participants of the Free Raffle Ticket campaign held via Twitter
Distribute to participants in the 1st NFT Auction (whitelist)
In the future, the team plans to add more opportunities. Details regarding the distribution date and participation procedures will be announced on PROJECT XENO’s official website and Twitter account.
How does the Free Raffle Ticket campaign work?
During this campaign, raffle tickets will be distributed for a free drawing to be held in conjunction with the Hikaru Collaboration NFT sale, beginning on November 23. The free raffle ticket consists of a BEP20 token, which will be distributed.
To receive BEP20 tokens, winners must have a wallet.
Official Website
https://project-xeno.com/
Official Twitter(EN)
Official Twitter (JP)
Official Telegram
https://t.me/projectxenoglb
Official Discord
https://discord.gg/G4bk9nhJpG
Company Name: CROOZ, Inc.
Head Office: Ebisu SS building 1F, 4-3-14 Ebisu, Shibuya-Ku, Tokyo, JAPAN
Established: May 24th, 2001
Capital: 460.16 million yen（as of the end of March in 2022）
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News