I'm sorry that's the biggest thing I [ __ ] up and
I should have done better I also should have been Communicating more very recently transparency
my hands were tied during the duration of the Possible binance deal I wasn't particularly
allowed to say much publicly but of course it's On me that we ended up there in the first place
so here's an update on where things are this is All about FTX International The non-us Exchange
FTX users are fine treat all of these numbers as Rough they are approximations here quick note
although in this thread Sam bankman freed says That FTX users are fine shortly after this thread
was released FTX us announced it may halt trading On its platform in just a few days back to sbf's
apology he's speaking on FTX International which Halted withdrawals and is probably insolvent
FTX International currently has a total Market Value of assets and collateral higher than
client deposit this moves with prices but That's different from liquidity for delivery as
you can tell from the state of withdrawals the Liquidity varies widely from very to very little
the full story here is one that I'm still fleshing Out every detail of but at a very high level I
effed up twice the first time a poor International Labeling of Bank related accounts meant that I
was substantially off on my sense of user margin I thought it was way lower my senses before FTX
International leverage 0x USD liquidity ready to Deliver 24x average daily withdrawals the actual
numbers leverage of 1.7 acts and liquidity of 0.8 X Sunday's withdrawals because of course when
it rains it pours we saw roughly 5 billion of Withdrawals on Sunday the Lar largest by a huge
margin and so I was off twice Sam bankman freed Continues which tells me a lot of things both
specifically and generally that I was [ __ ] At and a third time in not communicating enough
I should have said more I'm sorry I was slammed With things to do and didn't give updates to
you all and so we are where we are which sucks And that's on me I'm sorry sambaekman freed
says hello I'm Tony Haywood president and CEO Of BP our accidental drilling spill again in
the Gulf is a tragedy that should have never Happened and to all those affected I want to
say we are deeply sorry we're sorry we're sorry We're sorry Sorry we're sorry we're sorry Sorry we're sorry I'm deeply sorry Anyways right now my number one priority by
far is doing right by users and I'm going To do everything I can do to do that to take
responsibility and do what I can quick note While I'm sure it is Sam bankman Freed's number
one priority to do right by users and make users Whole what the hell he just played a league
game but to continue his thread so right now We're spending the week doing everything we
can to raise liquidity and 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 there are a number of players who we are
in talks with letters of intent term sheets
Etc we'll see how that ends up every penny of that
and of the existing collateral will go straight to Users unless or until we've done right by them
after that investors old and new and employees Who we'll talk about a little later employees who
have fought for what's right for their careers and Who weren't responsible for any of the F UPS
because at the end of the day I was CEO which Means I was responsible for making sure that
things went well I ultimately should have been On top of everything I clearly failed in that
I'm sorry so what does this mean going forward I'm not sure that depends on what happens over
the next week but here are some things that I do Know first one way or another Alameda research
is winding down trading they aren't doing any Of the weird things that I see on Twitter and
nothing large at all in one way or another soon They won't be trading on FTX anymore second in
any scenario in which FTX continues operating Its first priority will be radical transparency
transparency it probably all we should have been Giving giving as close to on-chain transparency as
it can so that people know exactly what's going on What's happening on it all of the stakeholders
would have a hard look at FTX governance I will Not be around if I'm not wanted all of the
stakeholders investors Regulators users would Have a large part to play in how it would be run
solely trust but all of that isn't what matters Right now what matters right now is trying to do
right by customers that's it a few other assorted Comments this was about FTX International FTX us
the us-based exchange that accepts Americans was Not financially impacted by the [ __ ] show it's
100 liquid every user could fully withdraw updates On its future are coming again a few hours after
he made these statements FTX us announces it may Halt trading on its platform in a few days 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 have to say is well played You won CZ CZ of course officially the guy that
you do not want to mess with in crypto binance Fired its final bullet when it made this statement
late in the day yesterday only 24 hours after it Said it would buy FTX as a result of corporate
due diligence as well as the latest news reports Regarding mishandled customer funds and alleged
U.S agency investigations we have decided that We will not pursue the potential acquisition
of ftx.com this was part of cz's master plan All along for full context on that check out our
video from a couple days ago or any of the videos From the past few days so should you remove your
crypto from FTX us if you have crypto on FTX us If you don't I think you're playing with fire if
you have money on FTX us please get your money out While you can do not wait despite previous claims
by Sam bankman freed that FTX us was fully solvent Ftxus just announced they'll be halting trading
soon withdrawals likely to be next I warned you Which might explain why after Sam bankman freed
made that 20 tweet thread he added a 21st tweet Remember in the thread he talked about many things
including that FTX us was totally solvent and safe But he added this a little bit later not advice
of any kind in any way I was not very careful
With my words here and do not mean any of them
in a technical or legal sense I may well have Not described things right though I'm trying to
be transparent I'm not a good deaf and probably Misdescribed something I'll tell you one thing
that Sam bankman freed definitely didn't mince His words about this clip from a few months ago
where he described basically what FTX and Alameda Research do kinda sounds like a straight up Ponzi
so you know X tokens being given out each day all These like sophisticated firms are like huh
that's interesting like if the total amount Of money in the box is 100 million dollars then
it's gonna yield 16 million dollars this year In X tokens being given out for it that's a 16
return that's pretty good we'll put a little bit More in right and and maybe that that happens
until they're 200 million dollars in the Box So you know sophisticated Traders and or people
on crypto Twitter or or other sort of similar Parties go and put 200 million dollars in the
Box collectively and they start getting these X tokens for it right and now all of a sudden
they're just like wow people just decide to put 20 200 million dollars in the Box this is a pretty
cool box right like this this is a valuable box as Demonstrated by all the money that people have
apparently decided should be in the box and for We to say that they're wrong about that like
you know this is I I mean boxes can be great Look I love boxes as much as the next guy right
and so what happened now all of a sudden people Are kind of recalibrating it's like well 20
million dollars that's it like that market cap For this box and it's been like 48 hours and it
already is 200 million dollars including from like Sophisticated players in it and finally another
nail in the coffin a highly credible Source very Close to Salmon FTX situation on what was going on
internally multiple employees are confirming this To be true again multiple employees are saying
that the only addition to the above letter is that Caroline of Alameda was also part of the inner
circle of Sam listen to this pay attention to This you won't believe it I am a source close to
the FTX situation Sam ruined the lives of many of His current and former employees everyone at FTX
is shocked and disappointed they were all fighting For Sam until they found out what happened on
Twitter Sam's Inner Circle are the only people Who knew what was going on many employees had had
their life savings on FTX Sam promoted FTX as a Trusted Bank internally and externally bonuses
to the ftx.com employees usually consisted of Ftx.com stock and ftt most of the employees kept
their funds on the platform they either directly Deposited their salaries or transferred it onto
ftx.com the moment they received it employees Actively worked on products that made it
easier to automatically send money to FTX This was promoted both internally and externally
in October 2021 FTX bought out binance's shares Which was promoted as a big win internally by
Sam and others Sam and ramnik gave employees The opportunity to invest in ftx.com for the
first time at a 50 percent discount the limit to This was a quarter million which could be matched
with up to a quarter million investment from FTX
Us at market rate this would bring the total
to half a million they heavily marketed this Deal to all employees most saw this as an amazing
opportunity everyone from top leadership down to Customer support shares had to be earned at FTX
and no employees received Equity when they were Hired employees were given two weeks to send money
to FTX before Thanksgiving and FTX was relentless On following up about it Sam and others marketed
this as an opportunity to make 100 of your money Overnight and four to five acts over a few years
the majority of people invested more than they Should everyone believed in Sam many have now
lost their entire life savings because they saw Sam and FTX as the safest bet and they believed
in him employees now fear their money has been All sent to Alameda on June 6 2022 Sam claimed
he was hiring more people While others cut jobs On Twitter he went on CNBC to talk about this
Sam cut 20 plus people the next day employees Found out that they were being fired when they
couldn't speak in the slack chat anymore they Were removed individually one by one Sam did not
fire employees directly he only posted a message In the internal slack hours after the firing and
more or less blamed the employees for not being Culture fits not a culture fit was a very common
phrase said employees that disagreed with Sam on Things were very quickly removed finally one last
thing that's really not widely known in the power Dynamics of FTX nishad's longtime girlfriend
Claire was hired in January after living with Sam for months in a shared apartment in Albany
she was immediately promoted to an executive And head of HR she had the power to fire anyone
she deemed not a cultural fit who disagreed with Sam Claire ran the show day to day alongside side
constants Sam's Inner Circle consisted of himself Constance nishad Claire and Gary a few ax Alameda
traders that joined the FTX Venture team also knew What was going on that was it so Sam owes a lot
more than just an apology to the users to the Employees to the investors comment your thoughts
on the situation below subscribe to the channel we Post a video every day keeping you informed on the
entire cryptocurrency Market this is my message to Sam I'll see you tomorrow you son of a [ __ ]
you piece of [ __ ] you goddamn [ __ ] listen Kid you [ __ ] crossed the line get that through
your goddamn [ __ ] head stop pushing your [ __ ]