Sam Bankman-Fried updates investors: ‘We got overconfident and careless,’ claims $13B leverage By Cointelegraph
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Sam Bankman-Fried updates investors: ‘We got overconfident and careless,’ claims $13B leverageFormer FTX CEO Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion but closer to $13 billion.
In a Nov. 16 Twitter thread, Bankman-Fried said leverage at FTX built up to roughly $5 billion, backed by $20 billion in assets, which held value but also the potential for risk. According to the former CEO, the crypto market crash “with no bid side liquidity” alongside a bank run resulted in roughly $4 billion being withdrawn daily — 25% of consumer assets.
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Sam Bankman-Fried updates investors: ‘We got overconfident and careless,’ claims $13B leverageFormer FTX CEO Sam Bankman-Fried said he was “wrong” in his estimates of the crypto exchange’s leverage prior to its collapse, claiming it wasn’t $5 billion but closer to $13 billion.
In a Nov. 16 Twitter thread, Bankman-Fried said leverage at FTX built up to roughly $5 billion, backed by $20 billion in assets, which held value but also the potential for risk. According to the former CEO, the crypto market crash “with no bid side liquidity” alongside a bank run resulted in roughly $4 billion being withdrawn daily — 25% of consumer assets.
Continue Reading on Coin Telegraph
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