SBF
@SBF_FTX
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1) I'm sorry. That's the biggest thing. I fucked up, and should have done better.
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1) Hey all: I have a few announcements to make. Things have come full circle, and s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for (pending DD etc.).
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1) Hi all:. Today, I filed FTX, FTX US, and Alameda for voluntary Chapter 11 proceedings in the US.
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@coinmamba I'll buy as much SOL has you have, right now, at $3. Sell me all you want. Then go fuck off.
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idk what to say, they came that way :P.
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20) At some point I might have more to say about a particular sparring partner, so to speak. But you know, glass houses. So for now, all I'll say is:. well played; you won.
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4) A *huge* thank you to CZ, Binance, and all of our supporters. This is a user-centric development that benefits the entire industry. CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.
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1) I have a lot of sympathy for gov’t employees: I, too, have not checked my email for the past few (hundred) days. And I can confirm that being unemployed is a lot less relaxing than it looks.
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I’m honored to be testifying before the House Financial Services Committee today about the future of the digital asset industry, along with colleagues from Coinbase, Circle, Paxos, Bitfury, and Stellar.
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Right now on FTX you can:. a) invest in stocks.b) invest in crypto.c) make credit card deposits.d) get an FTX card, spend directly from FTX.e) make direct deposits.f) make peer to peer payments. what else do people want?.
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We hope this is just step one: beginning to find ways to bring liquidity to users. That is the core thing that I am fighting for right now, and will continue to fight for in whatever ways I can.
FTX Announcement Regarding the Tron Credit Facility:. We are pleased to announce that we have reached an agreement with Tron to establish a special facility to allow holders of TRX, BTT, JST, SUN, and HT to swap assets from FTX 1:1 to external wallets.
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1) A huge thank you to everyone who has supported us--we're excited to keep climbing together. And especially to those who stay level headed during crazy times. We deeply appreciate it.
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5) I know that there have been rumors in media of conflict between our two exchanges, however Binance has shown time and again that they are committed to a more decentralized global economy while working to improve industry relations with regulators. We are in the best of hands.
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The biggest problem with taxing unrealized gains:. Let's say you start a company, and it starts doing well. The market value of the equity you have goes up. You owe tax on it. way more than your cash. So you're *forced* to sell any time it goes up to get $ to pay tax.
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22) And, finally:. I sincerely apologize. We'll keep sharing updates as we have them.
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Couldn’t sleep, back to the office. Gm to those that’ll never take work off.
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I’ll be speaking with @andrewrsorkin at the @dealbook summit next Wednesday (11/30).
FTX FOUNDER: Minutes after FTX bankruptcy was signed "potential interest in billions of dollars of funding came in" 🤔.
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(I'm still $3 bid if anyone's interested!).
At this rate I'm gonna get a chance to buy back all my $SOL at $3. .
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ok so I think the world has fully woken up to the impact of inflation expectations on crypto
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Welcome to the @FTX_Official family @StephenCurry30 <3.
NBA SUPERSTAR STEPHEN CURRY BECOMES GLOBAL AMBASSADOR AND SHAREHOLDER OF LEADING CRYPTOCURRENCY EXCHANGE FTX THROUGH LONG-TERM PARTNERSHIP.
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2) Our teams are working on clearing out the withdrawal backlog as is. This will clear out liquidity crunches; all assets will be covered 1:1. This is one of the main reasons we’ve asked Binance to come in. It may take a bit to settle etc. -- we apologize for that.
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2) I also should have been communicating more very recently. Transparently--my hands were tied during the duration of the possible Binance deal; I wasn't particularly allowed to say much publicly. But of course it's on me that we ended up there in the first place.
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wait ok I'm confused what's the takeaway from March 2020? that things are supposed to go down then up on COVID so let's do that again?. (NOT FINANCIAL ADVICE, NO IDEA WHAT WILL HAPPEN, THE WORLD IS WACKY AND WILD).
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Theory: the crypto bear market will be better for having been abrupt; the credit crash will be brutal for having been drawn out over a year, and slowly sapping away consumer confidence day by day.
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1) I'm deeply humbled by the support we've gotten from our new partners:.
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Expanding on DealBook:. When I filed, I'm fairly sure FTX US was solvent, and that all US customers could be made whole. To my knowledge, it still is today. I was expecting that to happen. I'm surprised it hasn't. I'm not sure why US withdrawals were turned off.
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1) Voyager lost customer assets, but it still has the majority left. Why haven't those been returned to customers yet?. Sad facts from a bankruptcy process.
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6) (Note that and two separate companies–are not currently impacted by this. s withdrawals are and have been live, is fully backed 1:1, and operating normally.).
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1) FWIW, some thoughts on what a decentralized Twitter might look like:.
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Who would have thought two years ago that a significant consideration for where to live would be "it's actually legal to enter and leave the country".
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1) I've written a bunch about FTX's roadmap. But I haven't written much about crypto's. So, here goes.
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None of these are me. I'm not and couldn't be moving any of those funds; I don't have access to them anymore.
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🔥🔥🔥.
Thank you, @SBF_FTX!!!!!. This is the craziest day of my life. I went from the fastest typer in the world (100 WPM) to driving the fastest car in the world (Tesla Model S Plaid)
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13) Because at the end of the day, I was CEO, which means that *I* was responsible for making sure that things went well. *I*, ultimately, should have been on top of everything. I clearly failed in that. I'm sorry.
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S&P500 is down ~2% today. Which, I have to remind myself, is a lot by the standards of traditional finance. .
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interview today, asked if BTC can scale for payments. for transparency, my answer:. 1) BTC can absolutely be payment asset, on lightning, L2, or wrapped.2) BTC chain not intended to scale to millions of TPS, so won't be global payments directly.3) bullish on blockchain payments.
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15) First, one way or another, Alameda Research is winding down trading. They aren't doing any of the weird things that I see on Twitter--and nothing large at all. And one way or another, soon they won't be trading on FTX anymore.
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Having people in the office is fucking awesome. The energy, and productivity, and communication is really palpable. A huge thanks to everyone who's braving the. uh. 80 degree weather and beaches, to be here working with us.
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10) [NOT LEGAL ADVICE. NOT FINANCIAL ADVICE. THIS IS ALL AS I REMEMBER IT, BUT MY MEMORY MIGHT BE FAULTY IN PARTS.].
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3) So here's an update on where things are. [THIS IS ALL ABOUT FTX INTERNATIONAL, THE NON-US EXCHANGE. FTX US USERS ARE FINE!]. [TREAT ALL OF THESE NUMBERS AS ROUGH. THERE ARE APPROXIMATIONS HERE.].
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I walked through the rain to get there, so my hair was matted down.
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6) My sense before:. Leverage: 0x.USD liquidity ready to deliver: 24x average daily withdrawals. Actual:. Leverage: 1.7x.Liquidity: 0.8x Sunday's withdrawals. Because, of course, when it rains, it pours. We saw roughly $5b of withdrawals on Sunday--the largest by a huge margin.
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And so the correction is interrupted by the same thing that triggered it, and that created the bull market to be corrected in the first place:
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boy would the world thinking differently about crypto price moves it they measured it vs world currency baskets instead of just USD.
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Just as the outside view skeptics predicted, during a large market move a stablecoin blew out. Just not the stablecoin they predicted. Which was predictable, if you knew the details. This isn't a comment about good vs bad--it's about how important it is to know the details!.
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5) I'm piecing together all of the details, but I was shocked to see things unravel the way they did earlier this week. I will, soon, write up a more complete post on the play by play, but I want to make sure that I get it right when I do.
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21) NOT ADVICE, OF ANY KIND, IN ANY WAY. I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING.
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4) FTX International currently has a total market value of assets/collateral higher than client deposits (moves with prices!). But that's different from liquidity for delivery--as you can tell from the state of withdrawals. The liquidity varies widely, from very to very little.
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5) The full story here is one I'm still fleshing out every detail of, but as a very high level, I fucked up twice. The first time, a poor internal labeling of bank-related accounts meant that I was substantially off on my sense of users' margin. I thought it was way lower.
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10) So, right now, we're spending the week doing everything we can to raise liquidity. I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work.
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3) TO BE CLEAR I'M NOT SAYING WE'RE IN A BEAR MARKET, BEAR MARKETS ARE MYTHS SPREAD BY WILDFIRES, MARKETS ARE EFFICIENT MACHINES SOMETIMES. but more generally, down today doesn't mean down tomorrow.
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1) A huge thanks to @MaxineWaters, @PatrickMcHenry, and the whole House Financial Services Committee for having us today to talk about the future of digital assets. The meeting was productive and I'm really grateful for the engagement and thoughts from policymakers.
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FTX is pleased to announce the acquisition of the Liquid group of companies, including an FSA-registered crypto-asset exchange to provide products and services to our customers in Japan! 🇯🇵.
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Ok so can we all agree that hosting a global sporting event in the country that has the most travel restrictions in the world during the height of a pandemic was maybe asking for controversy?.
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To be clear I also said that it _does_ have potential as a store of value. The BTC network can't sustain thousands/millions of TPS, although BTC can be xfered on lightning/L2s/etc.
FT: Sam Bankman-Fried, founder of FTX, said that Bitcoin has no future as a payments network because of its inefficiency and high environmental costs. Countries such as El Salvador and the Central African Republic have adopted Bitcoin as a legal tender.
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11) I'll get to what happened. But for now, let's talk about where we are today.
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1) There's a bill in the Senate right now about tax reporting and crypto. What does it say, and what impact would it have?.
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8) And so we are where we are. Which sucks, and that's on me. I'm sorry.
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16) Maybe I'll fail. Maybe I won't get anything more for customers than what's already there. I've certainly failed before. You all know that now, all too well. But all I can do is to try. I've failed enough for the month. And part of me thinks I might get somewhere.
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2) NOT FINANCIAL ADVICE. And more importantly, there might be war. That's really bad for the world. Fuck all this price stuff. Go outside and do something nice for someone. -----. Seriously, do something nice. The world could use it. I'll wait. -----.
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13) My goal—my one goal—is to do right by customers. I’m contributing what I can to doing so. I’m meeting in-person with regulators and working with the teams to do what we can for customers. And after that, investors. But first, customers.
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Backstopping customer assets should always be primary. Everything else is secondary.
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12) Every penny of that--and of the existing collateral--will go straight to users, unless or until we've done right by them. After that, investors--old and new--and employees who have fought for what's right for their career, and who weren't responsible for any of the fuck ups.
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1) Zig Zag and hiring:. why FTX is going to keep growing as others cut jobs.
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If someone is playing to earn, someone else is earning to play. Make great products that people love. (Or memes, everyone loves memes.).
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The change in public perception around crypto in the last year is really spectacular.
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1) We're really excited to be setting up @FTX_Official's headquarters in The Bahamas!. a) The Bahamas is one of the few places to set up a comprehensive framework for crypto; FTX is registered. b) The Bahamas has emerged from COVID lively, safe, and without quarantine.
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