“Was shocked to see things unravel the way they did”: Bankman-Fried addresses FTX users

Cryptocurrency exchange FTX’s CEO Sam Bankman-Fried resigned after the company filed for bankruptcy protection in the US.

The crypto exchange which is facing a massive liquidity crunch, was almost bailed out by rival Binance, before the deal fell through.

Addressing his followers on Twitter, Bankman-Fried, commonly known as SBF, said that he was sorry for the entire fiasco, and that he was “shocked to see things unravel the way they did earlier this week”.


Bankman-Fried tweeted saying, “I'm piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week.I will, soon, write up a more complete post on the play by play, but I want to make sure that I get it right when I do.”

Yesterday, in a series of tweets, Bankman-Fried had addressed his followers on Twitter apologising for the situation and informing that he was winding down Alamenda Research.

SBF, in his tweets yesterday, acknowledged that he miscalculated the liquidity present in the market. According to his tweet, FTX saw $5 billion worth of withdrawals on Sunday.

Foreshadowing his resignation yesterday, SBF had said that he was solely responsible for the company’s condition and that he will “not be around” if he is not wanted.