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FTX CEO Sam Bankman-Fried told investors that the exchange faces a shortfall of up to $8 billion, per Bloomberg. FTX needs emergency funding or it will face bankruptcy, Bankman-Fried told investors, per Bloomberg. FTX faces a shortfall of up to $8 billion and was trying to raise $4 billion to stay solvent, Bloomberg reported. "I f---ed up," Bankman-Fried told investors, the media outlet reported. He repeatedly told investors Binance wasn't giving up on the deal, according to Bloomberg.
VC giant Sequoia Capital told investors it's marking down its investment in FTX to zero. FTX had asked Binance for help amid a liquidity crunch, Binance's CEO said on Tuesday. Based on our current understanding, we are marking our investment down to $0," Sequoia added in the letter. Sequoia Capital also sought to reassure investors that its exposure to FTX was "limited." Bitcoin and most other cryptocurrencies fell Wednesday following Binance's announcement that it was walking away from the acquisition of FTX.
There must be stronger protections in place for investors in the crypto market, SEC Chair Gary Gensler said Thursday on CNBC. He appeared as crypto exchange FTX was on the verge of collapse in facing a potential shortfall of up to $8 billion. The crypto industry is "significantly non-compliant," but regulations "are often very clear," said Gensler. He appeared as contagion fears have been running high in the cryptocurrency market as investors watched FTX — the third-largest crypto exchange — veer toward collapse. And if we need, going to be the cop on the beat, going into court, putting the facts and the law in front of judges."
The CEO of Binance tweeted on Sunday the exchange would be liquidating all its FTT tokens due to "recent revelations." On Monday, FTX head Bankman-Fried tweeted "a competitor is trying to go after us with false rumors." Bankman-Fried announced on Tuesday his exchange FTX is to be acquired by Binance. The most recent brawl started on Sunday when Zhao tweeted Binance would be liquidating all its FTT tokens — a crypto token native to FTX — due to "recent revelations." The former announced the deal with Binance, and Zhao said Binance "signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch."
Bitcoin and most cryptos extended losses Wednesday as worries built about the FTX fallout. Sol plunged 31% and the crypto market cap dropped 11% on fears the troubles would spread. In a stunning turn of events, FTX CEO Sam-Bankman Fried announced Tuesday that the crypto exchange had agreed to be taken over by rival Binance. The emergency deal sent chills through the crypto world, reviving fears about liquidity risks that could lead to company collapses. The overall value of the crypto market dropped over 11% to $871 billion over the last day, according to CoinMarketCap data.
FTX CEO Sam Bankman-Fried lost 94% of his net worth on Tuesday, Bloomberg reported. That marks the biggest single-day drop in a billionaire's fortune compared to their total net worth. With Binance's acquisition of FTX, Bloomberg's wealth index now values both FTX and Alameda at $1 each, wiping out the perceived worth of Bankman-Fried's biggest holdings. Meta founder Mark Zuckerberg lost $29 billion on February 3, but his net worth was still estimated at $84.3 billion that day. Bankman-Fried's losses come in the wake of a devastating $600 billion crypto crash this year.
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