FTX CEO Sam Bankman-Fried is personally set to lose billions in net worth to the third largest crypto exchange’s undergoing significant liquidity issues. FTX teetered on the edge of bankruptcy after a possible rescue from Binance fell through.
Crypto exchange FTX is undergoing significant liquidity issues, and CEO Sam Bankman-Fried “asked for help” from rival exchange Binance this week.
Bankman-Fried said he had messed up multiple times, including a misreading of the use of margin on the platform. See also: A ‘cascade of margin calls’ deleveraging, crypto failures and bitcoin at $13,000 are likely amid FTX fallout Representatives of FTX did not immediately respond to MarketWatch’s request for comment for this story.Venture-capital firm Sequoia Capital had, prior to Bank-Fried’s thread on Twitter, said it now values its FTX stake at $0 in anticipation of a bankruptcy filing by the exchange.
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