SBF Apologizes for FTX Crypto Ponzi (it was all planned)..

SBF Apologizes for FTX Crypto Ponzi (it was all planned)..

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 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 employees usually consisted of stock and ftt most of the employees kept 
their funds on the platform they either directly   Deposited their salaries or transferred it onto 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 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 [ __ ]

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