[Thread] FTX CEO Sam Bankman-Fried apologizes, says he “fucked up” and his priority is “doing right by users”, plans to raise funds and close Alameda, and more

1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.

@sbf_ftx 2022-11-11 Sam Bankman-Fried

Context & Ripple Effects

The apology followed the removal of assurances that the exchange and its assets were fine after an emergency Binance deal was announced, documented in the deleted assurance thread. Related reporting also places Alameda’s 2022 losses and the deteriorating Binance relationship in the run-up to the crisis.

Bankman-Fried’s proposed fundraise and plan to shut Alameda presented a separation-and-recapitalization path. Later House testimony alleged that FTX and Alameda had commingled customer assets, making the proposed shutdown consequential beyond a public-relations response.

First-order effects

FTX users become dependent on Bankman-Fried’s ability to raise funds to support his stated priority of doing right by them.
Alameda faces a planned wind-down, ending the affiliated trading operation Bankman-Fried named as part of the response.

Second-order effects

Any prospective funder must assess FTX’s recovery separately from Alameda’s losses and the reporting on the firms’ ties, raising the importance of credible separation.
The reversal from earlier assurances to an apology and funding appeal weakens the value of FTX’s public communications for users and counterparties evaluating its condition.

Third-order effects

The later House testimony on commingled customer assets makes operational separation between an exchange and its affiliated trading firm a central governance test, rather than a cosmetic restructuring step.
If exchanges continue to pair customer-facing venues with proprietary trading affiliates, scrutiny will focus on whether those entities are genuinely independent in assets, controls, and decision-making.

The trend: FTX’s collapse is a defining case of crypto-market infrastructure being tested on whether exchange operations can be credibly separated from affiliated trading risk.

Discussion

@brian_armstrong Brian Armstrong on x
@SenWarren @SECGov https://ftx.com/ was an offshore exchange not regulated by the SEC. The problem is that the SEC failed to create regulatory clarity here in the US, so many American investors (and 95% of trading activity) went offshore. Punishing US companies for this makes no …
@handlerrich Rich Handler on x
My personal email trail on my non-meeting with #FTX! #lessons
@jespow Jesse Powell on x
1/ This industry is made up of so many smart, passionate, open-minded, welcoming people, with genuine humanitarian interest at heart. I know we're going to get past this. True believers will not be deterred. But, this is a massive setback. I'm really trying to control my rage.
@sbf_ftx @sbf_ftx on x
20) At some point I might have more to say about a particular sparring partner, so to speak. But you know, glass houses. So for now, all I'll say is: well played; you won.
@sbf_ftx @sbf_ftx on x
6) My sense before: Leverage: 0x USD liquidity ready to deliver: 24x average daily withdrawals Actual: Leverage: 1.7x Liquidity: 0.8x Sunday's withdrawals Because, of course, when it rains, it pours. We saw roughly $5b of withdrawals on Sunday—the largest by a huge margin.
@autismcapital @autismcapital on x
A highly credible source very close to the Sam/FTX situation on what was going on internally: https://twitter.com/...
@ftx_official @ftx_official on x
FTX files for Chapter 11 bankruptcy in the US; Sam Bankman-Fried resigns as CEO
@sbf_ftx @sbf_ftx on x
19) A few other assorted comments: This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. It's 100% liquid. Every user could fully withdraw (modulo gas fees etc). Updates on its future coming.
@tackettzane Zane Tackett on x
Welp, no more updates from me. Went to check slack and noticed my account was deactivated. No heads up or anything, just suddenly lost access. Gmail and shit deactivated too. Was a pretty damn good 2 and a half years outside of the last week.
@sbf_ftx @sbf_ftx on x
21) NOT ADVICE, OF ANY KIND, IN ANY WAY I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING.
@cz_binance @cz_binance on x
As part of Binance's exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
@genesistrading Genesis on x
We want to provide an update on where things currently stand with our lending business. In anticipation of the extreme market volatility yesterday, we hedged and sold collateral resulting in a total loss of ~$7M across all counterparties, including Alameda.
@sbf_ftx @sbf_ftx on x
15) First, one way or another, Alameda Research is winding down trading. 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.
@stoolpresidente Dave Portnoy on x
I have a dumb question. If I bought bitcoins through FTX and FTX goes belly up where do they go?Like Bitcoins are finite right? Does anybody have access to them or are they just lost in the ether or something forever? #ddtg
@grdecter @grdecter on x
I'm assembling a team https://twitter.com/...
@sbf_ftx @sbf_ftx on x
10) So, right now, we're spending the week doing everything we can to raise liquidity. I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work.
@bondhack Robert Smith on x
🚨 SBF'S TANGLED WEB OF CROSS HOLDINGS REVEALED 🚨 @FD got his hands on an org chart of the FTX founder's empire. Only on FT Alphaville 👇🏻 https://t.co/CwjsjPnKP7 https://t.co/R0fyr78nBH
@gskrovina Garrett Skrovina on x
The breakneck pace of this from the moment @Coindesk broke the Alameda balance sheet story to today is unfathomable. https://twitter.com/...
@akashpasricha Akash Pasricha on x
SBF resigns. FTX starts chapter 11 proceedings. What a week. https://twitter.com/...
@ercwl Bearica Wall on x
lol who made this https://twitter.com/...
@levie Aaron Levie on x
Listen, all we have to do now is not borrow $10,000,000,000 in client funds to day trade fake securities backed by nothing, and we're back in business!
@dsquareddigest Dan Davies on x
Hahahaha. When you're involved in the “$420.69m meme round” financing of a bankrupt crypto exchange, you can either put the tombstone on your desk as a memento mori and reminder to do diligence, or you can pretend it never happened. Here's the Sequoia article about SBF. https://t…
@daveleeft Dave Lee on x
And it's not just SBF. @MilesKruppa sounded the alarm on this back in March: Venture capitalists pass on board seats to secure deals in hot crypto start ups https://enterprise-sharing.ft.com/ ... https://twitter.com/...
@laurenberson Lauren Berson Sugarman on x
I will never get over the fact that he had no board. $2B raised and no board.
@bitboy_crypto Ben Armstrong on x
We've been talking about how FTX has been affecting crypto, FTX users, other exchanges, VCs, etc. Later today or tmrw at latest you are going to start hearing the individual stories of how SBF/Alameda/FTX destroyed lives, companies, and dreams. It's going to hit different.
@p3b7_ Charles Guillemet on x
After the FTX earthquake, there's a massive outflow from exchanges to @ledger security and self sovereignty solutions ✊ We see a massive usage of our platforms and had a few scalability challenges this night. It should be resolved now. https://twitter.com/...
@joemccann @joemccann on x
Zane was the epitome of professionalism while at FTX. Any other company would be lucky to hire him going forward. https://twitter.com/...
@teo_leibowitz Matteo Leibowitz on x
sbf is such a bad liar. here's his excuse from 2019 when trying to raise debt for alameda for why they weren't audited https://twitter.com/...
@dogetoshi Steven on x
FTX Ventures' portfolio companies when Sam said that he currently has a total market value of assets/collateral higher than client deposits. https://twitter.com/...
@sbf_ftx @sbf_ftx on x
7) And so I was off twice. Which tells me a lot of things, both specifically and generally, that I was shit at. And a third time, in not communicating enough. I should have said more. I'm sorry—I was slammed with things to do and didn't give updates to you all.
@doombergt @doombergt on x
Where were the signs? https://twitter.com/...
@jgarzik Ser Jeff Garzik on x
What was SBF lobbying against? DeFi. 🤔 What would have prevented this? DeFi. 🤔 What exchanges already publish real-time proof-of-reserves? DeFi. 🤔 What will US regulators try to shut down? DeFi. 🤷‍♀️
@jqt_web3vc Jenny Q Ta on x
UNPOPULAR OPINION HERE: I don't believe the domino effect about FTX is over. Think Binance. Blue Wave. Justice Department. That's all I'm saying. 😬 https://twitter.com/...
@wublockchain Wu Blockchain on x
Reuters: SBF transferred at least $4b in FTX funds to support alameda. A portion of these FTX funds were customer deposits. SBF did not tell other FTX executives about the move to prop up Alameda. https://www.reuters.com/...
@marionawfal Mario Nawfal on x
SBF is responsible for Luna CZ knew this SBF intentionally took down 3AC SBF moved users' funds from FTX to support Alameda post 3AC collapse CZ approached SBF re this matter, but was ignored CZ made the tweet as a last resort - Wendy Wang from Huobi
@tackettzane Zane Tackett on x
Very pleased to see the increased communication here and as i understand it moving forward they will be much more communicative and provide more regular updates which is a big step in the right direction. https://twitter.com/...
@loganbartlett Logan Bartlett on x
Michael Lewis has been following SBF around for a book.... https://twitter.com/...
@felixsalmon Felix Salmon on x
Well THIS wasn't in this morning's @SBF_FTX thread: “All in all, FTX had $16 billion in customer assets, so FTX lent more than half of its customer funds to its sister company Alameda.” https://www.wsj.com/...
@danprimack Dan Primack on x
Doesn't really matter if he wants $2 billion, $9 billion or a trillion. Almost impossible to imagine there being a lender/investor on this. https://twitter.com/...
@cobie @cobie on x
SBF wrote a 700 word thread and managed to leave everyone even more confused about what actually happened 👍
@wassielawyer @wassielawyer on x
Extract of FTX terms of service. If title to the Digital Assets belong to the customer and FTX used it - that is the definition of theft... https://twitter.com/... https://twitter.com/...
@cobie @cobie on x
Damn the Chef Nomi and SBF writing styles are ... very similar https://twitter.com/...
@noahpinion @noahpinion on x
https://twitter.com/...
@ianthetechie Ian Wagner on x
It would be really great to hear a statement from @zachdex on the status and exposure of FTX US Derivatives. I know you guys theoretically segregate customer funds, but (along with @BitGo) *not* issuing a statement at a time like this is rough...
@hsakatrades @hsakatrades on x
Somehow the entire market still seems to be in the grasps of Alameda 1. Shorting USDT (https://t.co/...) 2. Maybe $300m being moved from FTX to Nance? (https://t.co/...) 3. SOL unlock
@sbf_ftx @sbf_ftx on x
17) All of the stakeholders would have a hard look at FTX governance. I will not be around if I'm not wanted. All of the stakeholders—investors, regulators, users—would have a large part to play in how it would be run. Solely trust.
@ryansadams Ryan Sξan Adams on x
11 days ago Eleven days ago we hosted a debate on crypto values w/ a billionaire who was secretly gambling away billions of dollars of depositor funds He was lecturing us on crypto regulation. While committing the biggest fraud in crypto history. How is this real life? https://tw…
@longshorttrader @longshorttrader on x
Why does this give the appearance of the circular flow of money? Or am I missing something? https://twitter.com/...
@foldablehuman Dan Olson on x
It's so unbelievably funny that apparently Sammy was personally handling FTX's “multi-billion dollar” finances by eyeballing account balances. https://twitter.com/...
@tackettzane Zane Tackett on x
oooph, guess i was slightly off on the increased communication... https://twitter.com/...
@autismcapital @autismcapital on x
What we're curious about is how much knowledge did Gensler/SEC have about this whole situation? Why didn't he step in and “protect us”? Was he helping SBF out with favorable regulation? Ironically, the only thing that hasn't blown up is DeFi - what SBF/Gensler wanted to regulate.
@moorehn Heidi N. Moore on x
The irony here (for those who have not been following) is that FTX did the exact same thing with cryptocurrency that traditional banks did with mortgage bonds https://twitter.com/...
@justinsuntron @justinsuntron on x
Further to my announcement to stand behind all Tron token (#TRX, #BTT, #JST, #SUN, #HT) holders on #FTX, we are putting together a solution together with #FTX to initiate a pathway forward. @FTX_Official
@genesistrading Genesis on x
As part of our goal in providing transparency around this week's market events, the Genesis derivatives business currently has ~$175M in locked funds in our FTX trading account. This does not impact our market-making activities.
@ftx_official @ftx_official on x
FTX Announcement Regarding the Tron Credit Facility: We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.
@ftx_official @ftx_official on x
1) Per our Bahamian HQ's regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators.
@tackettzane Zane Tackett on x
1) Per our Bahamian HQ's regulation and regulators, we have begun to facilitate withdrawals of Bahamian funds. As such, you may have seen some withdrawals processed by FTX recently as we complied with the regulators.
@justinsuntron @justinsuntron on x
#TRX trading on @FTX_Official has resumed. Working on withdrawal function. Stay tuned.
@kateclarktweets Kate Clark on x
Scoop: Sam Bankman-Fried invested hundreds of millions in Sequoia Capital, Paradigm, Multicoin and Altimeter, the same VC firms that backed FTX. These ties show just how deeply entangled Silicon Valley VC firms are in SBF's collapsing crypto empire. https://www.theinformation.com…
@sbf_ftx @sbf_ftx on x
We hope this is just step one: beginning to find ways to bring liquidity to users. That is the core thing that I am fighting for right now, and will continue to fight for in whatever ways I can. https://twitter.com/...
@ftx_official @ftx_official on x
@tier10k if it's useful to anyone here is a screenshot from one of the https://ftx.us/ admin pages, US withdrawals still being processed as normal and https://ftx.us/ still operational https://twitter.com/...
@ftx_official @ftx_official on x
We are following the guidance of the JFSA and will be putting https://ftx.com/JP into close-only mode @FTX_JP is a separate entity that strictly follows the Japanese regulation on asset segregation https://www.fsa.go.jp/...
@ftx_official @ftx_official on x
FTX US withdrawals: ETH withdrawals will resume shortly, our apologies on the delay Matic - if you would like to withdraw Matic please cancel your withdrawal and request it as erc20 Matic
@crypto_noddy CryptoNoddy on x
Glad that @AlgodTrading (from Bahamas) got his money out from FTX. https://etherscan.io/... https://etherscan.io/... https://twitter.com/...
@ftx_official @ftx_official on x
As part of this agreement, we will be disabling Tron deposits for all users during this period. The only deposits will be the pre-announced deposits conducted weekly by the Tron Team. Initially, $13,000,000 of assets will be deployed to facilitate such swaps.
@austerity_sucks @austerity_sucks on x
Any FTX employees willing to change my accounts country of residence to Bahamas to facilitate withdrawal I am offering $1 million and unlimited legal fees DM me (serious inquiries only)
@lawmaster @lawmaster on x
The withdrawals from FTX seem really weird. Some of them actually go to Binance deposit addresses, and some of them appear to be fresh wallets which could indicate a consolidation. Some pretty large (100k+) processing as well
@inversebrah @inversebrah on x
is oke https://twitter.com/...
@excellion Samson Mow on x
“Bringing liquidity to users” is a very clever way to say “give people their money back.” 💯 https://twitter.com/...
@dogetoshi Steven on x
Looking at some of the bigger withdrawals and I'm noticing some suspicious things. Both these addresses received hundreds of thousands dollars from FTX but they had 0 activity prior to the withdrawals starting. Looks like they were just created to receive withdrawals. https://twi…
@tier10k @tier10k on x
[DB] We Are Pleased to Announce That We Have Reached an Agreement With Tron to Establish a Special Facility to Allow Holders of TRX, BTT, JST, SUN, and HT to Swap Assets From FTX 1:1 to External Wallets
@statelayer @statelayer on x
so bahamians can buy FTX dollars for 10 cents OTC and withdraw for full value? wow what a shitshow https://twitter.com/...
@tree_of_alpha @tree_of_alpha on x
NEW: Account that managed to get 6 figures out of FTX on the Solana network seems to be a Twitter account with 100 followers, including @SBF_FTX , lending credence to the theory that Sam is ensuring withdrawals for privileged people as we speak. By @0xFib https://t.co/3BJTeuJXpA
@lmatsakis Louise Matsakis on x
Sequoia's fawning, 10,000 word article about Sam Bankman-Fried and FTX has been taken down. It now redirects to this page https://www.sequoiacap.com/... https://twitter.com/...
@defiyst @defiyst on x
Wtf is this? Calembo.sol receiving multiple 5-6 fig USDC withdrawals from FTX ~$460k total @lawmaster @Dogetoshi https://solscan.io/...
@dogetoshi Steven on x
Annnnd it's back on again. This is very odd. Not the normal process of queueing withdrawals. You should have 5-7min of freeze them before starting up again. The on-chain withdrawals should be more fluid https://twitter.com/...
@dogetoshi Steven on x
FTX appears to be processing withdrawals again https://twitter.com/...
@gainzy222 @gainzy222 on x
The utter fking state of things. https://twitter.com/...
@nic__carter Punished Nic on x
Two tier withdrawals is insane. To those buying Bahamas passports and ferreting funds out of there, you are a moron. You think when grant thornton etc gets in there to liquidate they won't figure it out?
@fatmanterra FatMan on x
Prepare your online presence. If FTX goes into bankruptcy, there is a good chance that full names and crypto balances of all users will be made public. It will be a privacy nightmare, and many will be blackmailed/harmed. Consider this an eventuality and take preemptive measures.
@mdudas Mike Dudas on x
so now a bunch of individuals are committing financial crimes bc their life savings are trapped on a massive crypto exchange that committed staggering financial crimes it's just sad stacked on sad please, folks, don't act rashly and unknowingly expose yourself, talk to a lawyer h…
@ki_young_ju Ki Young Ju on x
Isn't it illegal? 1/ FTX allows withdrawals only for TRX & TRC20. 2/ Users exchange assets to TRX to request withdrawals. 3/ TRX price goes up like 50x in FTX. 4/ Justin deposits TRX into FTX and sells them. 5/ FTX users sell TRX in other exchanges with a significant loss. https:…
@davidiach David Iach on x
One way to withdraw large amounts of money now is: 1. Have a Bahamian buy a very low liquidity coin on FTX 2. Pump it hard and let the Bahamian dump that coin on you. 3. Have the Bahamian withdraw the profits and give you the money minus a fee. https://twitter.com/...
@mrjasonchoi Jason Choi on x
Confirmed a few things: 1) Most FTX employees likely similar shoes with everyone else; kept in the dark 2) Withdrawals are definitely not FIFO 3) But withdrawals are not strictly Bahamas either (!) 4) At least 2 ways people have gamed the exit, neither of which advisable https://…
@zoomerjd @zoomerjd on x
Me if I worked at FTX today: YOU ARE FROM THE BAHAMAS!! and YOU ARE FROM THE BAHAMAS!! https://twitter.com/...
@elitwilliams Eli Williams on x
here's what this is. it's very sneaky. it's person A w/ funds stuck on FTX, and person B with a bahamian kyc'd account. B makes a market, 738.2@784.1. A buys B's offer and sells B's bid over and over, transferring funds from A's account to B's at ~6% of amount each roundtrip http…
@crypto_notte @crypto_notte on x
This contract on FTX traded 300M$ in 3 minutes Bot committed suicide or something else? Usually it would trade < 1M per day https://twitter.com/...
@jasonyanowitz @jasonyanowitz on x
FTX has turned on withdrawals but only for users in the Bahamas who are already KYC'd... I'm sorry but that basically only applies to FTX employees and friends of the firm. What a joke.
@hosseeb @hosseeb on x
1/ Pouring one out for all those who were impacted by the FTX collapse. If you lost more money than you can afford, I'm so sorry. I promise it will get better. I'm exhausted. Have been thinking a lot about what happens from here, and what it means for this industry.
@statelayer @statelayer on x
i absolutely do not believe the “We have to process Bahamas withdrawal for legal reasons” thing to be legit, this reeks of insider fraud
@rnr_0 Romano on x
On who's fucking side are the leftover FTX employees on? What does this translate to? https://twitter.com/...
@aradg11 Ara on x
So the latest scam algod and others were pulling consisted of: 1. Having a falsified KYC'd Bahamas account on ftx 2. Buying locked ftx accounts for pennies on the dollar 3. Creating an nft for sale on ftx nft from the Bahamas account 4. Buying that nft on locked account ...
@loopifyyy @loopifyyy on x
- Bahamian accounts can withdraw their FTX balance - People are making deals with them to withdraw their funds - Internal balance transfers are blocked, so NFTs are being traded for millions instead (some 8 figs+) - NFTs are being used as a bridge to transfer funds as we speak ht…
@lookonchain @lookonchain on x
In the past 5 hours, a total of 23.66M $USDT was withdrawn from #FTX Exchange “0x2faf”. 8 addresses withdraw more than 1M $USDT from #FTX. These smart whales took advantage of the Bahamas loophole to withdraw their #FTX through a KYC account in the Bahamas. https://twitter.com/..…
@macrocephalopod @macrocephalopod on x
People in the Bahamas getting emails right now like Dear Sir/Madam, My client is Mutassim Bilal Gadaffi, Nigerian Prince with over $10,000,000 in account at FTX. I am seeking reliable person with a Bahamian bank account who can play crucial role in aiding my client to withdra
@arthur_0x Arthur on x
Bahamas regulator allowing Bahamas resident only to withdraw from FTX in expenses of every other users is a massive joke. Definitely will be challenged in court if bankruptcy entails.
@loopifyyy @loopifyyy on x
FTX is receiving 2% marketplace fees for the tens of millions of dollars traded on their NFTs right now that are being used for blatant money laundering. Regulators finally have a valid reason to attack NFT marketplaces now.
@cryptomanran Ran Neuner on x
I feel really bad for users that lost funds on FTX. There are lots of small investors that may not see their money for a while. I really want to help but obviously don't have enough to help everyone. Looking for ideas.
@fatmanterra Fat Man on x
Hours ago, Algod tweeted out a Telegram group where his partner was offering to purchase FTX balances for $0.10 on the dollar. I wonder why. The links have since been scrubbed. https://twitter.com/... https://twitter.com/...
@ledgerstatus @ledgerstatus on x
This is a primary FTX US customer deposit wallet and is functioning. Take your funds out, and do it in tokens (not by bank) to self custody. It's still working. I have reason to believe US operational budget *may* be in question but deposits are safe. https://etherscan.io/...
@blockfi @blockfi on x
https://twitter.com/...
@founderflori Flori Marquez on x
2) @BlockFi is an independent business entity. We have a $400MM line of credit from https://ftx.us/ (not https://ftx.com/) and will remain an independent entity until at least July 2023.
@whale_alert @whale_alert on x
ℹ️ The blacklisted/frozen address belongs to #FTX.
@autismcapital @autismcapital on x
People claiming BlockFi had nearly 100% of their customers assets custodied on FTX.
@balajis Balaji on x
The collapse of FTX is making it hard to trust mere assertions of solvency. Crypto does have better alternatives in the form of mathematical proof-of-reserve & decentralized key custody. But the long-term also involves building new high-trust societies. https://niccarter.info/...
@adamscochran Adam Cochran on x
@zachxbt @BlockFi uuuuuuuuuuuuuuuum a $400MM line of credit from FTX US?! Where the fuck did that money come from... AHHHHHH
@jeffjohnroberts Jeff Roberts on x
Bye-bye BlockFi. Heard from a reliable source that FTX bought a stake b/c they wanted to come under the shield of BlockFi's SEC settlement. Now none of that matters https://twitter.com/...
@balajis Balaji on x
Four kinds of trust falling at the same time. Trust in vote counting Trust in verified tweets Trust in vouched reserves Trust in visual images Cryptographic verification is a partial solution. But also need high-trust startup societies.
@peterschiff Peter Schiff on x
This doesn't look good, but it's to be expected. Lots more to come. Sell your #Bitcoin if you can, as many people who would like to sell can't. https://twitter.com/...
@mikeburgersburg @mikeburgersburg on x
FTX US EXTENDED $400 MIL LINE OF CREDIT TO BLOCKFI. GET ALL FUNDS OFF FTX US NOW! https://twitter.com/...
@route2fi @route2fi on x
BlockFi suspends withdrawals. They're probably the next ones to go down, and there will be more. Stay safe out there. https://twitter.com/...
@sbf_ftx @sbf_ftx on x
1) Hey all: I have a few announcements to make. Things have come full circle, and https://t.co/...'s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://ftx.com/ (pending DD etc.).
@paoloardoino Paolo Ardoino on x
To be clear: #Tether does not have any exposure to FTX or Alameda. 0. Null. Maybe is time to look elsewhere. Sorry guys. Try again. https://twitter.com/...
@cz_binance @cz_binance on x
Sad day. Tried, but 😭
@paoloardoino @paoloardoino on x
Tether does not have any plans to invest or lend money to FTX/Alameda. Full stop.
@tier10k @tier10k on x
[DB] FTX Faces Liquidity Shortfall of Up to $8 Billion, Seeking Emergency Funding to Meet Withdrawal Requests: WSJ: WSJ
@hsakatrades @hsakatrades on x
The entitry that withdrew ~$300m from FTX moved ~$33m so far to Binance. Guessing it was Genesis or Alameda. https://etherscan.io/... https://twitter.com/...
@deitaone @deitaone on x
SAM BANKMAN-FRIED SEEKING UP TO $9.4 BILLION FOR FTX'S RESCUE-SOURCE
@aeyakovenko @aeyakovenko on x
Solana Labs, a US corp, didn't have any assets on https://t.co/..., so we still have tons of runway, and luckily still a small team.
@astro__magic @astro__magic on x
so alameda is trying to short $usdt? >supply USDC on aave >borrow USDT on aave >swap USDT to USDC on curve dafuq man... https://t.co/F3tQvDMfF8
@danielsloeb1 Daniel S. Loeb on x
Fake news. https://twitter.com/...
@tier10k @tier10k on x
[DB] SBF Told an Investor This Week That Alameda Owes FTX About $10 Billion: WSJ Source FTX Lent Billions of Dollars Worth of Customer Assets to Fund Risky Bets by Alameda Research: WSJ Source
@autismcapital @autismcapital on x
TRX on FTX is trading for $1. On Binance it's $0.06. Users are buying TRX because it's the only way to exit FTX. Apex scammer Justin Sun has convinced Sam to engage in TRX games to save FTX in his moment of desperation. https://twitter.com/... https://twitter.com/...
@ercwl Bearica Wall on x
i will never forgive them for this https://twitter.com/...
@zhusu @zhusu on x
If I had to guess, it was widely known alameda had been internalizing (take other side) ftx client liquidations for years 3 days of 99% sell-only liq flow from Luna1 (and many other coins) likely wouldve opened up a large loss from giving themselves non-liq on their own platform
@deitaone @deitaone on x
https://twitter.com/...
@0xfoobar @0xfoobar on x
alameda research lost 11 figures by using insider information to frontrun our trades
@trungtphan Trung Phan on x
Timeline for how Fed rate hikes led to the crypto crash which led to SBF taking FTX funds to try and save Alameda Research: https://twitter.com/...
@freddiefarmer Freddie Farmer on x
It's quite strange seeing the level of debunking Coindesk is getting rn against the gospel truth everyone gave it around Alameda's balance sheet. Level of misinformation is at an all time high, be very safe and careful https://twitter.com/...
@alistairmilne Alistair Milne on x
My best guess (99% speculation): SBF was running a ponzi, using customer funds to take over the industry and pick winners/losers with the benefit of the biggest warchest (FTX deposits) and insider info Huge marketing campaigns were designed to keep inflows higher than outflows
@icebergy_ @icebergy_ on x
who the fuck took all the luna money if it wasnt 3ac, jump, alameda, Celsius, and do?
@guardiannassau @guardiannassau on x
Today, the Securities Commission of The Bahamas took action to freeze the assets of FTX Digital Markets. The Commission also applied to the Supreme Court for the appointment of a provisional liquidator of FTX. https://twitter.com/...
@allnick @allnick on x
FTX is using NFTs to bypass the restrictions for getting money out 🤯 NFTs for the win! https://twitter.com/...
@kadhim @kadhim on x
🚨 BAHAMAS SECURITIES REGULATOR APPOINTS LIQUIDATOR FOR FTX DIGITAL MARKETS https://twitter.com/...
@lowstrife @lowstrife on x
Nice so the assets of one tiny part of the hydra are frozen. Good luck on the rest throughout the rest of the world. https://twitter.com/... https://twitter.com/...
@anthony Anthony DeRosa on x
Bitcoin falls further off FTX bankruptcy news $BTC Live updates: https://www.wsj.com/... https://twitter.com/...
@silvermanjacob Jacob Silverman on x
More than 130 (!) FTX-affiliated companies and subsidiaries filing for bankruptcy. @SBF_FTX resigns as CEO. https://twitter.com/...
@nathantankus Nathan Tankus on x
lol. lmao. https://twitter.com/...
@adamscochran Adam Cochran on x
Thank you to the few adults in the room that I know are still there working their ass off to pick up this mess and are now likely fully in charge. Good luck 🫡 https://twitter.com/...
@tackettzane Zane Tackett on x
8/ With the balances from the first tweet in mind would be keen to hear others thoughts. Additional context: liquid assets would be things like USD/JPY/DAI. Less liquid would be things like GBTC/ETHE/SOL. Illiquid would be longer term equity investments.
@tackettzane Zane Tackett on x
6/ There's obviously so much more that would need to be published, discussed, and thought through, but at face value i don't see how users would benefit more from A) than B).
@hsakatrades @hsakatrades on x
Man is unfollowing randos? https://twitter.com/...
@cobie @cobie on x
@Tree_of_Alpha @lawmaster inb4 he issues a debt token then borrows against it
@tree_of_alpha @tree_of_alpha on x
@cobie Like @lawmaster said, haircut & token for the rest while they work to restore customer liquidity using trading fees and slowly selling illiquid assets would have been better, but Sam's dumb pride likely hindered a lot of it and it's getting late.
@cobie @cobie on x
@tackettzane Cool token but fire SBF
@cobie @cobie on x
@Tree_of_Alpha Whichever it is, has be done ASAP, this limbo is terrible
@stackersatoshi Satoshi Stacker on x
-FTX owe customers $8.8b. -They have $900m in liquid assets, $2b in less liquid assets, $3.2b in illiquid assets. Total of $5.2b illiquid + $0.9b liquid= $6.1b total. Bankruptcy or issuing a new token is the only options -Credible FTX insider
@tree_of_alpha @tree_of_alpha on x
-FTX's $8.8b in customer assets is backed by $900m in liquid assets, $2b in less liquid assets, $3.2b in illiquid assets. Total of $5.2b illiquid + $0.9b liquid. -FTX's Zane Tackett floats two potential options: bankruptcy, or issuing a token.
@tackettzane Zane Tackett on x
@adamscochran I see where you're coming from, but does that mean that bankruptcy would be the more efficient way of returning maximum value to users? I still don't think so.
@adamscochran Adam Cochran on x
@tackettzane Hey Zane, the reason this worked for other exchanges was the losses were external action and there was good faith. A ToS violation of title ownership is a criminal act, and therefore governments would over rule any barter action (token issued) here most likely
@asiahodl Mira Christanto on x
@tackettzane If a crime has been committed, in both fiat and tokens, I'm not sure a token would be effective or legal.
@lawmaster @lawmaster on x
@tackettzane 1. apply haircut to customer funds 2. issue IOU tokens for the rest 3. let traders continue trading and make money from trading fees 4. eventually pay off the IOU tokens from rev and provide some upside
@lawmaster @lawmaster on x
@tackettzane I was thinking about it, and Sam IMO should have done a haircut ASAP, admit to all the fucked up mistakes, stop blaming others and try to fix everything Bitfinex style
@ivangbi_ @ivangbi_ on x
This kid is insane. “Let's make a fake shitcoin with more promises, trade it on FTX, so we can counter-fuck users again & cleanse our fraudulent hole.... But I swear it is BETTER FOR YOU than the other option!” 🫡 PD: the idea itself is good. But not by these scammers. https://twi…
@0xhamz @0xhamz on x
Best outcome is a token design that keeps users incentivized to continue using platform Users can get 20 cents now or 10 more cents if they trade xyz amount or wait Trading engine license would be scrapped and accrue to user recovery Effectively a “User owned CEX” https://twitter…
@bongcapital @bongcapital on x
https://twitter.com/... https://twitter.com/...
@alexandergerko Alex Gerko on x
how's about you go fuck yourself https://twitter.com/...
@bergealex4 Alex B on x
absolutely zero chance token is even remotely viable BFX benefited from a. significant lack of exchange alternative at time b. exchange was an actual victim (hack) not the criminals c. considerably less regulatory oversight FTX and anyone/anything associated w/ it is cooked https…
@nathanlevy10 @nathanlevy10 on x
“We're bankrupt so we're going to issue a token for the bankruptcy” this is tertiary syphilis. The idea of tokens being worth anything has infected these people's brains. @GoingParabolic had to steal your go to analogy. It just fits like a condom in this situation. https://twitte…
@timccopeland Cope on x
So they need 8 bil to cover liquidity but less than 3 bil to cover actual lost assets? That makes a lot of sense and makes me wonder if there's a chance. https://twitter.com/...
@bitbitcrypto @bitbitcrypto on x
We won't get funds back and that's pretty obvious by now. most participants already accepted the loss. I think issuing a token will bring this situation to an end pretty quickly. people just want it to end, for the sake of this market. and we will get something back. https://twit…
@yannigiannaros Yanni Giannaros on x
i wish the token model could work as there would be hope for users. unfortunately, i don't think it will. difference w/ bitfinex & ftx is that w/ btfx, lost funds were related to a hack. w/ ftx, trust was lost. would people still use them even if everything went back to “normal”?…
@awice Alex Wice on x
In bankruptcy, noone sees a penny for a decade, and liquidators take all the money. I support a token for the reasons mentioned in this post. https://twitter.com/...
@ldrogen Leigh Drogen on x
Plus whatever alameda ends up recovering, the value of FTX US, and his personal estate It could get close to whole Doing a token makes sense https://twitter.com/...
@kale_abe @kale_abe on x
So it looks like there actually ISN'T a $9 Billion dollar hole if you count “Liquid Assets”. Maaaybeee a group of big dogs can come together and make this right? (hopium x 1000) https://twitter.com/...
@sicarious_ @sicarious_ on x
This balance sheet is not AS BAD as I thought (still not great). But people have been selling accounts for 10c on the $1 due to the uncertainty. Sam should've been open about this immediately & saved people some pain. Zane's a class act, ty sir. https://twitter.com/...
@wublockchain Wu Blockchain on x
FTX Institutional Sales head reveals FTX balance sheet. https://twitter.com/...

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