‘Give anything I have to’: Sam Bankman-Fried’s public apology amid FTX disaster

With his fortune vanishing and his crypto empire on the brink of collapse, Sam Bankman-Fried has gone public with a profanity-laced apology.

Embattled FTX chief executive officer Sam Bankman-Fried has delivered a profanity-laced public apology as his cryptocurrency exchange teetered on the verge of collapse.

The future of crypto exchange FTX was in grave danger after rival platform Binance decided to pull out of a non-binding deal to bail out the platform from a liquidity crisis.

Mr Bankman-Fried, known as SBF, took responsibility for FTX’s dire situation in a lengthy Twitter thread.

“I’m sorry. That’s the biggest thing. I f***ed up, and should have done better,” the 30-year-old tweeted, the New York Post reports.

The billionaire wunderkind, who has lost nearly his entire fortune in just a few days as his empire teeters on the brink of collapse, began by explaining his lack of public communication about FTX’s dealings with Binance – noting his “hands were tied” while negotiations were under way.

SBF maintained the problems were contained to FTX’s international platforms and that its US users were “fine”.

Sam Bankman-Fried has issued a public apology on Twitter as his crypto empire crumbles. Picture: Lam Yik/Bloomberg

The FTX founder admitted that he was “substantially off on my sense of users’ margin” prior to the current crisis. He also acknowledged misjudging FTX’s liquidity, which proved woefully inadequate to address a record $US5 billion ($A7.6 billion) in withdrawals last Sunday as users scrambled to get their money out of the crumbling exchange.

“Anyway: right now, my #1 priority – by far – is doing right by users. And I’m going to do everything I can to do that. To take responsibility, and do what I can,” SBF tweeted.

“So, right now, we’re spending the week doing everything we can to raise liquidity. I can’t make any promises about that. But I’m going to try. And give anything I have to if that will make it work.”

9) Anyway: right now, my #1 priority--by far--is doing right by users.

And I'm going to do everything I can to do that. To take responsibility, and do what I can.

— SBF (@SBF_FTX) November 10, 2022

He said FTX would redirect “every penny” of the cash it raises to burned users – with investors and employees covered once customers’ needs are met.

FTX faces a shortfall of up to $US8 billion ($A12.2 billion), according to multiple reports. Binance was reportedly taken aback by the extent of the exchange’s financial troubles, which contributed to its decision to back out of an agreement to rescue FTX.

“In the beginning, our hope was to be able to support FTX’s customers to provide liquidity, but the issues are beyond our control or ability to help,” Binance said in a statement.

SBF appeared to take a shot at Binance CEO Changpeng Zhao, his longtime rival, for scrapping the deal.

“At some point I might have more to say about a particular sparring partner, so to speak. But you know, glass houses. So for now, all I’ll say is: Well played, you won,” Mr Bankman-Fried said.

Binance co-founder and CEO Changpeng Zhao. Picture: Patricia de Melo Moreira / AFP

SBF told investors on Wednesday that FTX needed to raise at least $US4 billion ($6.1 billion) to remain solvent and avoid bankruptcy, Bloomberg reported.

In the Twitter thread, the 30-year-old said his cryptocurrency trading house, Alameda Research, would “wind down” operations. Alameda was heavily invested in FTT, a token issued by FTX.

Revelations of Alameda’s financial ties to FTX precipitated the exchange’s collapse. Binance liquidated its FTT holdings after the details emerged.

FTX’s meltdown has crushed SBF’s net worth – which plummeted from nearly $US16 billion ($A24.4 billion) to approximately $US1 billion ($A1.5 billion) in a matter of hours.

This article originally appeared on the New York Post and was reproduced with permission