- Sam Bankman-Fried, former CEO of bankrupt crypto exchange FTX, said withdrawals from FTX US could open soon.
- The former FTX executive hinted that LedgerX could be up and running in the near future.
- Bankman-Fried added that he cannot make promises while claiming that FTX US customers could soon be made whole.
Sam Bankman-Fried, popularly known as SBF, told New York Times’ Andrew Ross Sorkin that FTX US customers could be made whole soon. SBF claims that these entities: FTX US and FTX US derivatives, formerly known as LedgerX, could be “up and running soon.”
Sam Bankman-Fried claims withdrawals could open at FTX US
Sam Bankman-Fried, co-founder and the former CEO of FTX exchange, spoke to Andrew Ross Sorkin of “The New York Times’ DealBook.” SBF made a virtual appearance at the media company’s DealBook Summit and assured FTX US users that withdrawals could open soon.
SBF has been vocal about the fall of his crypto empire, the liquidity crisis and failed attempts at getting FTX exchange and its subsidiaries bailed out. The former FTX CEO has apologized to users and finally stepped into the media spotlight from the Bahamas on November 30.
Andrew Ross Sorkin asked SBF a host of questions on risk management, regulation, real-estate in the Bahamas and FTX entities’ solvency. Commenting on FTX US exchange platform, SBF said,
The US platform—the US regulated platform with American users—to my knowledge, that’s fully solvent. That’s fully funded and I believe that withdrawals could be opened up today and everyone could be made whole from that.
LedgerX could be up and running soon
Sam Bankman-Fried’s FTX US acquired LedgerX in October 2021. SBF renamed LedgerX as FTX US Derivatives. The exchange platform offers cryptocurrency futures, options, and swaps. When FTX exchange went bankrupt, LedgerX was one of the entities that remained solvent.
Commenting on the future of LedgerX, co-founder of the FTX empire said that FTX US derivatives could “even be up and running right now.” According to a Bloomberg report, FTX US derivatives made $175 million available for use in the FTX’s bankruptcy proceedings. The derivatives platform therefore offered a crumb of support to FTX, that owes $3.1 billion to its top 50 creditors.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.