Sam Bankman-Fried tried to raise fresh cash over the weekend: WSJ

Quick Take

  • Former FTX CEO Sam Bankman-Fried spent the weekend trying to raise fresh cash, the Wall Street Journal reported.
  • Those efforts have not been successful so far.

Former FTX CEO Sam Bankman-Fried thinks that he can raise enough cash to make users whole and spent the past weekend with a few remaining employees seeking commitments from investors, the Wall Street Journal reported, citing people familiar. 

Those efforts to fill a shortfall of up to $8 billion have not been successful so far, and the Wall Street Journal said it couldn't determine what Bankman-Fried has been offering investors in return fresh funding. If the raise were to be successful, he'd likely have to negotiate with creditors to gain approval. 

FTX filed for bankruptcy protection last week. Bankman-Fried told the New York Times on Sunday that he had numerous regrets over the collapse of the company and that the exchange's margin position had been "substantially larger" than he had thought it was.

"I'll get to what happened," he wrote on Tuesday morning in the latest update to a cryptic thread on Twitter. "But for now, let's talk about where we are today."

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.