He is fried: ‘I’m sorry, I fucked up.’ Sam Bankman-Fried needs $4 billion. Fast

Sam Bankman-Fried is on a race to secure $4 billion to save FTX, after rival Binance ditched its 11th-hour bid to buy the collapsing crypto exchange.

Bankman-Fried reportedly told investors on Wednesday evening that FTX is facing a shortfall of funds up to $8 billion and is in danger of bankruptcy if the company doesn’t receive at least $4 billion to stay solvent, according to separate reports from Bloomberg and the Financial Times. Bankman-Fried said FTX is willing to take the cash in whatever form it comes in, be it debt, equity, or a mixture of both.

Venture capital firm Sequoia Capital meanwhile told investors that it would be marking down its previous $214 million investment in FTX all the way down to zero after the bank run on the crypto exchange—triggered by Binance head Chengpeng Zhao's liquidation of his $2 billion dollar position in the native token of the FTX exchange—put the company's survival in doubt.

“In recent days, a liquidity crunch has created solvency risk for FTX,” Sequoia said in a note to investors in its fund, the FT reported.

Other blue-chip backers of the platform, which include BlackRock and Canada’s Ontario Teachers’ Pension Plan as well as Singapore's sovereign wealth fund Temasek, SoftBank, and hedge fund Lightspeed Venture Partners, have not announced whether they are willing to lend a hand and save the ailing crypto exchange.
SBF would be "unbelievably grateful" if someone could give him a few billion

Since the company began to deteriorate, Bankman-Fried has been repeating the same three-word mantra over the last few days: “I f****d up.”

Bankman-Fried reportedly sent all of his employees a message on Tuesday morning, saying "I’m sorry, I f***d up,” Reuters reported, while he told investors on the call “I f***d up,” adding he would be “incredibly, unbelievably grateful” if investors could help out.

.https://finance.yahoo.com/news/m-sorry-f-d-sam-131252644.html

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He is fried: ‘I’m sorry, I fucked up.’ Sam Bankman-Fried needs $4 billion. Fast

He is fried: ‘I’m sorry, I fucked up.’ Sam Bankman-Fried needs $4 billion. Fast

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