Sam Bankman-Fried Responds to CZ, Says FTX is Good #Sam #BankmanFried #Responds #FTX #High-quality

Sam Bankman-Fried, CEO of FTX, has arrive out to allay fears about the condition of the crypto exchange’s finances.

Bankman-Fried mentioned the platform has excessive hard cash and clients’ resources are harmless even though also contacting on Binance CEO to collaborate with him to boost the ecosystem.

  • In a the latest tweet thread on Monday (November 7, 2022), Sam Bankman-Fried, also known as SBF, reported the crypto trade which he spearheads has enough resources to address clients’ holdings.
  • The CEO also doused claims of insolvency, arguing that the exchange is capable of processing shopper withdrawals. “FTX is great. Belongings are high-quality,” said SBF, incorporating:

“It’s heavily regulated, even when that slows us down. We have GAAP audits, with > $1b excess income. We have a extended heritage of safeguarding customer belongings, and that remains correct currently.”

  • Bankman-Fried, in his tweet thread, even further requested to work with Binance CEO Changpeng Zhao to improve the sector. As previously noted by CryptoPotato, Zhao said Binance would liquidate any remaining FTT, FTX’s native token, subsequent recent revelations.
  • The Binance chief observed through the weekend:

“Liquidating our FTT is just submit-exit danger administration, finding out from LUNA. We gave support just before, but we won’t fake to make adore following divorce. We are not versus everyone. But we will not support persons who lobby versus other field players at the rear of their backs. Onwards.”

  • Previously media reports claimed that quant investing agency Alameda Analysis, also owned by SBF, was reportedly overexposed to FTT. On the other hand, Alameda CEO Caroline Ellison debunked the revelations, stating that they painted an incomplete photo of the company’s financials.
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