"I'm sorry... I f---ed up": Crypto billionaire Sam Bankman-Fried blames himself for FTX fiasco

moneycontrol.com:

FTX CEO Sam Bankman-Fried on November 10 took to Twitter to admit that he "f---ed up" while announcing that he is winding down Alameda Research, the trading firm he co-founded alongside FTX.

1) I'm sorry. That's the biggest thing.

I fucked up, and should have done better.

The tweets come as Bankman-Fried (popularly know as SBF) is begging for billions of dollars to stave off bankruptcy after rival exchange Binance pulled out of a deal to acquire it. Earlier this year, the exchange was valued at $32 billion, but now, Bankman-Fried is scrambling for funds.

“I also should have been communicating more very recently,” wrote Bankman-Fried. “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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He also said he was in talks with "a number of players" in the crypto sector, including Justin Sun who is the founder of crypto token Tron.

Thus, providing an update on the failing situation at FTX, Bankman-Fried mentioned that excluding US business, its international operation has a total market value of assets and collateral that is higher than client deposits. However, he goes on to say that is "different from liquidity for delivery--as you can tell from the state of withdrawals.”

"The liquidity varies widely, from very to very little," he added.

Again, blaming himself for the scenario, the crypto billionaire added, "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