Dawn on a cryptocurrency market hit amid industrial disaster caused by inability to trade FTX to stem a crisis that began less than 48 hours ago, the CEO of the platform Sam Bankman Fried comes out of silence.
Sam is enough
It seems a long time ago when everything seemed to smile at the young Sam Bankman Fried, the darling of cryptocurrencies, apparently capable of transforming everything he touched into (digital) gold.
It took only a few days for the FTX empire to crack everywhere, under the astonished gaze of thousands of disbelieving investors. A catastrophic situation that once again confirms that the industry born from Bitcoin more than a decade ago certainly remains the scene of the most insolent successes, but just as quickly turns into a graveyard of ambitions shattered in a snap of fingers, or in a reversal. market.
Also last night’s announcement of the potential acquisition by Binance did nothing: FTX, and its internal token, the FTT, continued to slide through hell, with the asset currently trading at $ 5, down 72% in the past 24 hours.
Now all eyes are on the bottom Alameda, pouring in investments from the former Bankman Fried empire. Alameda, a key entity for many crypto players in the sector, well beyond the confines of the FTX exchange alone (Alameda Research is a shareholder of dozens of important companies in the sector).
Now is the time to clean up on social networks to erase the various swagger of recent times and other reassuring messages that now appear out of step with reality. In parallel, Sam Bankman Fried has finally come out of silence in a letter circulating on social media.
Sam Bankman Fried’s apology
Reported in particular by The Block, it is via email that Sam Bankman Fried seems to have chosen to communicate, escaping from social networks for a while.
“I’m sorry I have been difficult to contact in the last few days, I would have liked to be more communicative during this process, but unfortunately I couldn’t. Things fell into place dynamically. We have entered into a non-binding agreement with Binance to purchase FTX. What exactly does this mean?
It’s a good question and unfortunately I don’t have a perfect answer for you, as the details are still being worked out. We will keep you updated as we know more.
Our first priority is to protect customers and the industry; guided what we do. We are confident that we will accomplish all of this, which means that we will soon focus on our second priority: our shareholders.
Again, I would like to have more details for you right now; I don’t know yet. I’ll give them as I go. But protecting our shareholders is our top priority, aside from non-negotiable priorities.
Chances are I’ll be pretty overwhelmed in the next few days, so unfortunately I probably won’t have much time for a while, but Ramnik [chef de produit de FTX ndlr] and others will be there and (a little) less confused. Anyway: I’ll come back to the events later, when I have time. I’m sorry I didn’t do better and will do what I can to protect clients’ assets and your investment. “
Based on their beliefs but also their investment positions, everyone will judge the sincerity of this mea culpa, as the cryptocurrency market as a whole continues to suffer this morning. Beyond the act of personal contrition, eyes are now on the rest of the industry, as LUNA jurisprudence painfully proved that the fall of the first domino was sometimes just a taste of true disaster.
Platforms and companies are born, live and die, but Bitcoin remains. Take advantage of these difficult times to stock up! Register quickly on the Binance platformwhich remains solid in the storm (commercial link).