Sam Bankman-Fried, who encouraged Tom Brady to invest in his cryptocurrency exchange, has apologized to users as his company is on the verge of collapsing.
Cryptocurrency company FTX is at risk of losing billions, and CEO Samuel Bankman-Fried, who often goes by his initials, SBF, admitted to the blunder onTom Brady pictured on field for the Tampa Bay Buccaneers. The quarterback agreed an equity deal with FTX in 2021 and was a brand ambassador and the face of the company, but the exchange has crashed over just a few days.
He said on Thursday that the problem was the exchange has only $4 billion in tradeable dollars to cover the $5 billion in redemption requests.He has warned that there may not be enough to make customer requests whole and that"liquidity varies widely, from very to very little." This sparked a sell-off in the token and a run on FTX that led to Bankman-Fried saying he was willing to stand down if it saved the company.
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