Conversation

Replying to

7) And so I was off twice. Which tells me a lot of things, both specifically and generally, that I was shit at. And a third time, in not communicating enough. I should have said more. I'm sorry--I was slammed with things to do and didn't give updates to you all.

119

274

2,877

8) And so we are where we are. Which sucks, and that's on me. I'm sorry.

156

356

3,115

9) Anyway: right now, my #1 priority--by far--is doing right by users. And I'm going to do everything I can to do that. To take responsibility, and do what I can.

164

358

3,712

10) So, right now, we're spending the week doing everything we can to raise liquidity. I can't make any promises about that. But I'm going to try. And give anything I have to if that will make it work.

165

398

3,369

11) There are a number of players who we are in talks with, LOIs, term sheets, etc. We'll see how that ends up.

88

232

2,621

12) Every penny of that--and of the existing collateral--will go straight to users, unless or until we've done right by them. After that, investors--old and new--and employees who have fought for what's right for their career, and who weren't responsible for any of the fuck ups.

103

273

3,000

13) Because at the end of the day, I was CEO, which means that *I* was responsible for making sure that things went well. *I*, ultimately, should have been on top of everything. I clearly failed in that. I'm sorry.

185

424

4,128

14) So, what does this mean going forward? I'm not sure--that depends on what happens over the next week. But here are some things I know.

133

231

2,504

15) First, one way or another, Alameda Research is winding down trading. They aren't doing any of the weird things that I see on Twitter--and nothing large at all. And one way or another, soon they won't be trading on FTX anymore.

559

610

3,922

16) Second, in any scenario in which FTX continues operating, its first priority will be radical transparency--transparency it probably always should have been giving. Giving as close to on-chain transparency as it can: so that people know *exactly* what is happening on it.

219

321

2,258

17) All of the stakeholders would have a hard look at FTX governance. I will not be around if I'm not wanted. All of the stakeholders--investors, regulators, users--would have a large part to play in how it would be run. Solely trust.

2:13 PM · Nov 10, 2022Twitter Web App

Replying to

18) But all of that isn't what matters right now--what matters right now is trying to do right by customers. That's it.

149

156

1,970

19) A few other assorted comments: This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow. It's 100% liquid. Every user could fully withdraw (modulo gas fees etc). Updates on its future coming.

414

768

2,796

20) At some point I might have more to say about a particular sparring partner, so to speak. But you know, glass houses. So for now, all I'll say is: well played; you won.

1,548

3,322

8,072

21) NOT ADVICE, OF ANY KIND, IN ANY WAY I WAS NOT VERY CAREFUL WITH MY WORDS HERE, AND DO NOT MEAN ANY OF THEM IN A TECHNICAL OR LEGAL SENSE; I MAY WELL HAVE NOT DESCRIBED THINGS RIGHT though I'm trying to be transparent. I'M NOT A GOOD DEV AND PROBABLY MISDESCRIBED SOMETHING.

923

1,060

3,478

22) And, finally: I sincerely apologize. We'll keep sharing updates as we have them.

3,021

861

5,753

Show additional replies, including those that may contain offensive content

Show