Former FTX CEO Sam Bankman-Fried says he was “wrong” in pre-debacle crypto exchange leverage estimates. It claims to be not $5 billion, but close to $13 billion.
On Twitter on Nov. 16, Bankman-Fried wrote: said The leverage at FTX generates around $5 billion with $20 billion in assets, with the former CEO saying the crypto market crash “without liquidity” coupled with bank runs has resulted in Approximately $4 billion in withdrawals per day – 25% of consumer assets.
“I was wrong,” says Bankman-Fried, “the leverage is not ~$5 billion, it’s ~$13 billion.”
Authorities in the Bahamas, the United States and Turkey have launched investigations into the collapse. The officials reportedly discussed extradition. Bankman-Fried from the Bahamas to the United States for interrogation But it was unclear whether the extradition following the report involved lawmakers on the House Financial Services Committee.
The post Sam Bankman-Fried Admits ‘We Were Overconfident and Reckless’ Using Excessive Leverage That Led to Bankruptcy appeared first on Bitcoin Addict.