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SBF @SBF_FTX
RT @MarioNawfal: Bahamas AG says it is “extremely regrettable” FTX’s new CEO, misrepresented action taken by Bahamian regulators. “It is p… — PolitiTweet.org
SBF @SBF_FTX
RT @latraelrahming: Please tune into a National Address on Behalf of The Government of The Bahamas on the Developments of FTX by Senator Ry… — PolitiTweet.org
SBF @SBF_FTX
RT @MarioNawfal: 🚨 Bahamas Attorney General statement on FTX: - FTX Digital Markets is regulated in the Bahamas but Alameda Research is no… — PolitiTweet.org
SBF @SBF_FTX
I’ll be speaking with @andrewrsorkin at the @dealbook summit next Wednesday (11/30). — PolitiTweet.org
Bitcoin Archive @BTC_Archive
FTX FOUNDER: Minutes after FTX bankruptcy was signed "potential interest in billions of dollars of funding came in" 🤔
SBF @SBF_FTX
32) Anyway -- none of that matters now. What matters is doing the best I can. And doing everything I can for FTX's customers. — PolitiTweet.org
SBF @SBF_FTX
31) And in the future, I'm going to care less about the dumb, contentless, "good actor" framework. What matters is what you do--is *actually* doing good or bad, not just *talking* about doing good or *using ESG language*. — PolitiTweet.org
SBF @SBF_FTX
30) (Some of what I said was thoughtless or overly strong--I was venting and not intending that to be public. I guess at this point what I write leaks anyway.) — PolitiTweet.org
SBF @SBF_FTX
29) Which means that interacting with regulatory structures can be really frustrating: a *huge* amount of work--much of it arbitrary--and relatively little customer protection. Fuck that. You all deserve frameworks that let regulators protect customers while allowing freedom. — PolitiTweet.org
SBF @SBF_FTX
28) Even so, there are regulators who have deeply impressed me with their knowledge and thoughtfulness. The CFTC has; the SCB, and VARA, too. And others, scattered. But most are overwhelmed. — PolitiTweet.org
SBF @SBF_FTX
27) A few thoughts: a) It's *really* hard to be a regulator. They have an impossible job: to regulate entire industries that grow faster than their mandate allows them to. And so often they end up mostly unable to police as well as they ideally would. — PolitiTweet.org
SBF @SBF_FTX
26) Well, that gives some color, I guess. It sucks. I'm really sorry that things ended up as they did. And as I said--I'm going to do everything I can to make it more right. — PolitiTweet.org
SBF @SBF_FTX
25) Last night I talked to a friend of mine. They published my messages. Those were not intended to be public, but I guess they are now. https://t.co/yH9aKmESY8 — PolitiTweet.org
SBF @SBF_FTX
24) Shrapnel — PolitiTweet.org
SBF @SBF_FTX
23) Roughly 25% of customer assets were withdrawn each day--$4b. As it turned out, I was wrong: leverage wasn't ~$5b, it was ~$13b. $13b leverage, total run on the bank, total collapse in asset value, all at once. Which is why you don't want that leverage. --- — PolitiTweet.org
SBF @SBF_FTX
22) And that risk was correlated--with the other collateral, and with the platform. And then the crash came. In a few day period, there was a historic crash--over 50% in most correlated assets, with no bid side liquidity. And at the same time there was a run on the bank. — PolitiTweet.org
SBF @SBF_FTX
21) And problems were brewing. Larger than I realized. [AGAIN THESE NUMBERS ARE APPROXIMATE, TO THE BEST OF MY KNOWLEDGE, ETC.] Leverage built up-- ~$5b of leverage, backed by ~$20b of assets which were.... Well, they had value. FTT had value, in EV! But they had risk. — PolitiTweet.org
SBF @SBF_FTX
20) I was on the cover of every magazine, and FTX was the darling of Silicon Valley. We got overconfident and careless. — PolitiTweet.org
SBF @SBF_FTX
19) Once upon a time--a month ago--FTX was a valuable enterprise. FTX had ~$10-15b of daily volume, and roughly $1b of annual revenue. $40b of equity value. And we were held as paragons of running an effective company. — PolitiTweet.org
SBF @SBF_FTX
18) Truth and Beauty — PolitiTweet.org
SBF @SBF_FTX
17) I know you've all seen this, but here's where things stand today, roughly speaking. [LOTS OF CAVEATS, ETC.] L… https://t.co/bglWyXsF2T — PolitiTweet.org
SBF @SBF_FTX
16) Maybe I'll fail. Maybe I won't get anything more for customers than what's already there. I've certainly fail… https://t.co/Infghhi7qR — PolitiTweet.org
SBF @SBF_FTX
15) A few weeks ago, FTX was handling ~$10b/day of volume and billions of transfers. But there was too much levera… https://t.co/C00Dm8Dwd0 — PolitiTweet.org
SBF @SBF_FTX
14) My goal: a) Clean up and focus on transparency b) Make customers whole — PolitiTweet.org
SBF @SBF_FTX
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-pers… https://t.co/4cFh6sP42U — PolitiTweet.org
SBF @SBF_FTX
12) To the best of my knowledge, as of post-11/7, with the potential for errors: a) Alameda had more assets than l… https://t.co/DXr1ddAUEB — PolitiTweet.org
SBF @SBF_FTX
11) I'll get to what happened. But for now, let's talk about where we are today. — PolitiTweet.org
SBF @SBF_FTX
10) [NOT LEGAL ADVICE. NOT FINANCIAL ADVICE. THIS IS ALL AS I REMEMBER IT, BUT MY MEMORY MIGHT BE FAULTY IN PARTS.] — PolitiTweet.org
SBF @SBF_FTX
9) D — PolitiTweet.org
SBF @SBF_FTX
8) E — PolitiTweet.org
SBF @SBF_FTX
7) N — PolitiTweet.org
