Sam Bankman-Fried, the former CEO of FTX, believes he can gather enough money to compensate users, and he used the last weekend pursuing investment pledges with a small group of surviving staff members, according to sources familiar with the situation.
The Wall Street Journal reported that it was unable to ascertain what Bankman-Fried had been giving investors in exchange for additional money since attempts to close a gap of close to $8 billion have mostly been unsuccessful. If the hike were to be approved, he would probably need to bargain with creditors to get their consent.
The week before, FTX submitted a bankruptcy filing. Bankman-Fried stated that the margin position of the crypto exchange had been significantly bigger than he had anticipated, and that he had many regrets over the demise of the exchange in an interview with the New York Times on November 13.
SBF took to Twitter on November 15 to say that he will get to the bottom of what went down while he wanted to emphasize where the exchange is standing at the moment.