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.

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"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."


Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.

© 2023 The Block. 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.

About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.

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