“I am Sorry…Should Have Done Better,” How Much Of SBF’s Apology Is Sincere?

  • Sam Bankman-Fried apologized following the crypto exchange crisis, saying he should have done better and hadn’t been transparent enough.
  • Aside from his “poor internal labeling of bank-related accounts,” the FTX CEO admitted he was “substantially” off the margin of users.
  • Twitter users, however, disagree with the CEO’s comments.
  • To save Bankman-Fried’s cryptocurrency exchange, the company is seeking a financial bailout.

In a recent Twitter post, FTX CEO Sam Bankman-Fried issued an apology concerning the ongoing crisis. He stated he should have done better.

In his apology, he admitted that he hadn’t been transparent enough and didn’t communicate duly at the inception of the crisis. However, one Twitter user recalled when the CEO stated FTX was fine, despite the fact that it very much wasn’t, and later deleted the post.

SBF also talked about his “poor internal labeling of bank-related accounts” and maintained he was “substantially” off on his sense of users’ margin.

Replying to this, another user recalled the recent report from the Wall Street Journal highlighting that FTX had lent $10 billion of the $16 billion in customer funds to Alameda research.

Effort to Rescue the Situation

SBF divulged that his priority at the moment is doing right by users. Currently, he is seeking a financial bailout to rescue the cryptocurrency exchange from its decaying situation. He refused to give a more positive headlight, stating he “can’t make any promises” but will try and do “anything” to make it work.

Previously, FTX and its CEO had turned to Binance, Kraken, and the founder of Tron, Justin Sun, for assistance. While Binance initially expressed interest in acquiring the firm, it later canceled the deal, citing the mishandling of user funds and investigations by the authorities.

However, recent reports from Bloomberg anchor Tom Mackenzie indicate Tron Founder Justin Sun is ‘ready’ to provide assistance to the exchange by investing billions in it, but they “need to do full diligence.”

Further, FTX has also reached an agreement with Tron to establish a system to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.

Bankman hopes this is the beginning of finding ways to offer liquidity to users.

He also explained that recent events are related to the international subsidiary of the cryptocurrency exchange, but funds of FTX.US users are fine.

On the Flipside

  • The FTX CEO earlier intervened for firms that suffered the harsh consequences of the crypto winter. But, in an unprecedented turn of fate, SBF himself is now in dire need of an intervention.

Why You Should Care

In the past, the CEO of FTX attracted massive attention as a prominent figure in the crypto space, but recent events raised questions about his intentions. These proceedings may force the authorities to bring rigid regulations that could impact the growth of crypto firms worldwide.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Soumen has been a dedicated researcher and writer in the field of cryptocurrencies for the last few years. Even though Indian crypto regulations are still unclear, he believes that India will continue to innovate in the years to come. He loves to play his guitar and sing along in his spare time. He holds bags mostly in BTC, ETH, BNB, MATIC, ADA.