,

“I fucked up twice,” says Sam Bankman-Fried in his apology for the FTX liquidity issue.

CEO Sam Bankman-Fried, has apologized in his first public statements after the crypto market was inundated with rumors and worries about FTX’s collapse.

SBF acknowledged to investors that he “could have done better” in terms of being transparent about the situation with FTX in a post on Twitter. The exchange’s CEO said that user withdrawals were causing a “liquidity bottleneck,” and he asked Binance for financial support. However, the proposed partnership later broke through.

On November 6, around $5 billion was withdrawn from the exchange, according to SBF. FTX International’s assets were worth more overall than the deposits made by its clients. But “the liquidity varies widely, from very to very little.”

At a very high level, I messed up twice, but I’m still fleshing out every element of the complete tale here, stated SBF. “The first time, I was significantly off on my perception of users’ margin due to a bad internal labeling of bank-related accounts. I assumed it to be much lower.

The CEO of FTX added:

“I ought to have spoken more. I apologize; I was overwhelmed with work and couldn’t keep you all updated.

Although the agreement with Binance may have fallen through, SBF said that FTX was in talks with “a number of players” in the cryptocurrency industry about alternatives. With “every penny” of any potential transaction going to the exchange’s impacted users. The CEO stated that Alameda Research was “winding down trade” as well. But added that the recent events had “no financial impact” on the US-based exchange FTX US.

I might have more to say about a specific sparring partner in the future. However, glass houses. All I’ll say for the time being is, “Well played; you won.”

Binance CEO Changpeng Zhao said on November 6 that the exchange would sell its FTX Token holdings. Some of the circumstances behind FTX’s liquidity problem started to play out over the past seven days. SBF tweeted on Nov. 7 that the exchange and its assets were “fine”. Calling liquidity concerns “false rumors,” but the FTX CEO issued a statement the next day that seemed to contradict that tweet. Claiming the exchange was experiencing a “liquidity crunch” and was in talks to sell to Binance.

Within 24 hours of SBF’s public announcement, the websites of FTX Ventures and Alameda Research both went offline, Binance announced that it would no longer be purchasing FTX, and the cryptocurrency market saw extremely high volatility with the possibility of a major exchange going offline. On Nov. 9, the FTX website was once again accessible, but the main page contained a disclaimer that “strongly advise[s] against depositing.”