Sam Bankman-Fried, former CEO of beleaguered crypto exchange FTX, is still tweeting.
In the latest installments of a puzzling series of posts on Twitter, Bankman-Fried said that “too much leverage” and a run on the bank scenario were to blame for FTX’s collapse.
“So what can I try to do? Raise liquidity, make customers whole, and restart,” Bankman-Fried wrote. He said he may fail, but added, “part of me thinks I might get somewhere.”
The tweets will raise many an eyebrow given that FTX filed for Chapter 11 bankruptcy protection last week and may have more than a million creditors — not to mention the fact that Bankman-Fried is no longer CEO after resigning on Nov. 11, and reports that sister company Alameda Research used FTX customer funds for risky bets. Many Twitter users responded to Bankman-Fried’s latest statements derisively.
Bankman-Fried did not immediately respond to questions about how he planned to raise liquidity.
The Wall Street Journal reported earlier today that Bankman-Fried is trying to raise capital despite the bankruptcy filing, citing people familiar with the matter.
Bankman-Fried’s latest tweets extend a bizarre Twitter thread that began on Nov. 14.
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.