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SBF Says He Will Wind Down Alameda and Spend the Week Trying to Raise Money for FTX

10 Nov, 20221 min readOther
SBF Says He Will Wind Down Alameda and Spend the Week Trying to Raise Money for FTX

FTX CEO Sam Bankman-Fried said on Twitter Thursday morning he is winding down trading at Alameda Research while he and his team are "doing everything we can to raise liquidity" for the exchange.

"They aren't doing any of the weird things that I see on Twitter—and nothing large at all," Bankman-Fried wrote. "And one way or another, soon they won't be trading on FTX anymore."

Just yesterday, Binance announced that it had pulled out of the deal to acquire FTX, citing issues with the crypto exchange's balance sheet and saying that the company is "beyond our ability to help."

1) I'm sorry. That's the biggest thing.I fucked up, and should have done better.— SBF (@SBF_FTX) November 10, 2022

Meanwhile, Bankman-Fried is trying to make FTX whole so it can honor its obligations to customers.

"Every penny of that—and of the existing collateral—will go straight to the users, unless or until we've done right by them," he wrote. "After that, investors—old and new—and employees who have fought for what's right for their career, and who weren't responsible for any of the fuck ups."

This story is breaking and will be updated shortly.

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