'I f*cked up.'
on Monday, after Binance announced it was offering to take over. "This will clear out liquidity crunches; all assets will be covered 1:1.""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 wrote in a, referencing "the latest news reports regarding mishandled customer funds and alleged US agency investigations" for its reason not to pursue the acquisition.
That means Bankman-Fried has an even steeper hill to climb. Whether he has enough liquidity to actually refund users without Binance's help remains as dubious as ever."I fucked up, and should have done better," heBankman-Fried said he didn't communicate enough and made errors while internally labeling "bank-related accounts," which caused his "sense of users' margin" to be "substantially off.
In short, things are shaky as they've ever been. As of Thursday morning, FTX has resumed withdrawals, allowing a number of users to withdraw millions of dollars' worth of crypto for the first time in days,FTX's spectacular implosion has sent ripples throughout the cryptocurrency industry, with the price of bitcoin falling sharply after the news. It's yet another stark reminder that crypto exchanges are, if history is any judge, astonishingly risky places to store assets.
Crypto investments should be treated with the utmost caution — the next implosion could be right around the corner.
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