In a letter to his employees, Sam Bankman-Fried announced that FTX will be holding a fundraiser next week aimed at saving the cryptocurrency exchange. According to him, this would allow them “to have enough money to cover all their needs”.
https://cryptoast.fr/sam-bankman-fried-espere-lever-fonds-sauver-ftx/
FTX getting ready to raise funds?
A last stand of honor before disappearing, or a real rescue attempt? Sam Bankman-Fried, CEO of FTX, has finally spoken after several days of silence in a letter to its employees. We learn a little more about the short-term priorities of the platform.
First of all, it should be noted that this letter was revealed by an employee himself, then shared on Twitter by a well-known figure in our ecosystem responding to the pseudonym of Cobie. This confirms that this letter has been verified and confirmed by several sources. There she is :
A msg from SBF on FTX slack that got leaked to me by some telegram anon, have verified its real w another pic.twitter.com/XMjIM9nSkx
— Cobie (@cobie) November 10, 2022
In the aftermath of Binance’s refusal to buy FTX and two days after appealing to a few Wall Street billionaires, Sam Bankman-Fried is once again looking to raise funds to save his business. According to him, this is in preparation and should be held next week.
In the words of Sam Bankman-Fried, FTX’s number one priority is of “be fair to users”. After that, come the employees and the investors. But this, “only after users”, he insists. Rather ironic, when we see the manipulations carried out by Alameda Research and FTX with the funds of these same users.
Note however that it does not fail to place in the list of people to save, “in a hypothetical world where everything is going perfectly and everyone is doing well, maybe me as an investor, fourth and last”.
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Who to buy FTX?
Before mentioning the potential participants in this fundraiser, Sam Bankman-Fried made a point of sending a message to its (ex-)main competitor, Changpeng Zhao. It seems to feel resentment following this canceled takeover, presuming that Binance “never really planned to go through with the operation”.
We learn that FTX faces an 8 billion dollar hole in its treasury and that it needs $4 billion to remain solvent. This explains why the company is trying to find last-minute financing in the form of debt, equity, or a combination of the two.
Sam Bankman-Fried also mentions advanced discussions with Justin Sun, founder of Tron (TRX). Earlier today, we already informed you on Cryptoast that the latter was actively working with FTX to try to offer a way out for holders of TRX, HT and other tokens in the Tron ecosystem.
Finally, we learn that Sam Bankman-Fried plans to deliver, in the coming days, a detailed explanation of what happened and what went wrong, and provide more information on the cryptocurrency exchange’s future strategy.
Of course, despite these announcements, everything suggests that this fundraiser will come to nothing. Trust in FTX and its CEO seems to be definitely lost and the hole to fill is far too big.
Still, with Cryptoast, we won’t miss to keep you informed of all the news relating to this affair, which will not fail to mark our ecosystem deeply and durably.
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Lilian Aliaga
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