{"id":8416,"date":"2022-11-09T09:39:57","date_gmt":"2022-11-09T09:39:57","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8416"},"modified":"2022-11-09T09:39:58","modified_gmt":"2022-11-09T09:39:58","slug":"ftx-founder-sam-bankman-fried-removes-assets-are-fine-flood-from-twitter","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8416","title":{"rendered":"FTX founder Sam Bankman-Fried removes \u2018assets are fine\u2019 flood from Twitter"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Sam Bankman-Fried, founder and CEO of the troubled cryptocurrency exchange FTX, appears to have retracted his words about the safety of client holdings on FTX.<\/p>\n<p>Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were \u201cfine.\u201d<\/p>\n<p>FTX CEO took to Twitter to post the thread of four different tweets on Nov. 7, claiming that FTX had \u201cenough to cover all client holdings.\u201d Bankman-Fried also stated that the firm didn\u2019t invest client assets and has been processing all withdrawals and \u201cwill continue to be.\u201d<\/p>\n<p>\u201cWe have a long history of safeguarding client assets, and that remains true today,\u201d one now-deleted tweet said.<\/p>\n<p><em>The now-deleted flood of SBF, screenshot source: Crypto Slash<\/em><\/p>\n<p>According to multiple sources on Twitter, FTX CEO removed his \u201cassets are fine\u201d thread on Nov. 8 at around 10:30 pm UTC, or a few hours after announcing a strategic transaction with Binance. As part of the deal, Binance agreed to acquire FTX in a move to help the troubled exchange overcome a \u201csignificant liquidity crunch.\u201d<\/p>\n<p>The acquisition news came shortly after several reports hinted that FTX had temporarily stopped withdrawals for the majority of coins. Many in the crypto community anticipated these events amid sluggish FTX withdrawals, concerns about the leaked balance sheet of FTX\u2019s sister firm Alameda Research as well as Binance\u2019s decision to liquidate its FTX Token (FTT) holdings.<\/p>\n<p>The community has been outraged about SBF opting to delete the tweets, with many blaming the FTX founder for \u201cblatant lies\u201d about the status of assets on the exchange.<\/p>\n<p>One Twitter user, handle Pledditor, also pointed out that SBF previously retweeted a random account that implied an airdrop for those who don\u2019t withdraw their coins from FTX. The crypto enthusiast suggested that the United States Securities and Exchange Commission needs to go after such actions, stating: \u201cAn implicit promise that SBF doesn&#8217;t actually to be held accountable for because he himself did not tweet it.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Saying \u2018not financial advice\u2019 won\u2019t keep you out of jail \u2014 Crypto lawyers<\/em><\/strong><\/p>\n<p>Some crypto observers aren\u2019t too optimistic about the future events for FTX users that continue to store their holdings on the exchange. According to Dylan LeClair, senior analyst at UTXO Management, FTX customers are now unsecured creditors.<\/p>\n<p lang=\"en\" dir=\"ltr\">Don&#8217;t mean to be the bearer of bad news here, but if it isn&#8217;t clear already, if you still have funds on FTX, they&#8217;re gone. You&#8217;re an unsecured creditor.<\/p>\n<p>The probable outcome is Chapter 11 &amp; a class action lawsuit that draws out for years, where you get $0.10-$0.30 on the dollar.<\/p>\n<p>\u2014 Dylan LeClair  (@DylanLeClair_) November 8, 2022<\/p>\n<p>The FTX news triggered another massive crash on the crypto market that has already been already on the decline this year, with Bitcoin (BTC) tanking to below $18,000. The total market value lost about 10% over the past 24 hours at the time of writing, according to CoinGecko.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/ftx-founder-sam-bankman-fried-removes-assets-are-fine-flood-from-twitter\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sam Bankman-Fried, founder and CEO of the troubled cryptocurrency exchange FTX, appears to have retracted his words about the safety of client holdings on FTX. Bankman-Fried has deleted a Twitter thread where he tried to assure customers that FTX and the assets on the platform were \u201cfine.\u201d FTX CEO took to Twitter to post the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8416"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8416\/revisions"}],"predecessor-version":[{"id":8418,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8416\/revisions\/8418"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8417"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}