Elon Musk Makes Fun of SBF’s Letter to His Employees
As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.
Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase
SpaceX and Twitter’s CEO aren’t buying SBF’s redemption letter
Yet another letter to SBF employees has been leaked, in which the CEO of the scandalous exchange asks his colleagues to forgive him and says he will return in time to correct the mistakes he made letter.
In his response, Musk jokingly hinted that SBF is ready for the help of various media to cover its name in the eyes of investors and future creditors. Twitter’s new owner believes SBF is using its connections to push a narrative of the CEO’s innocence in traditional and digital media.
🤣🤣 Maybe with a little editorial help from SBF employees @traffic lights
– Elon Musk (@elonmusk) November 23, 2022
The letter clearly shows that Bankman-Fried is trying to place some of the blame on the unexpected market conditions that dried up FTX’s collateral, leading to a liquidity crisis and the stock market default.
SBF also announced that it hoped for help from the largest exchange in the market, which has been ready to rescue FTX. However, Binance CEO CZ decided not to participate in the company’s balance sheets. The crypto community had no idea how big of a gap FTX had in relation to existing liabilities.
Unfortunately, it is not possible to confirm that Bankman-Fried’s statement applies to the $60 billion in collateral given the lack of transparency in FTX’s accounting processes. Chain researchers have yet to find all the cold and hot wallets used by FTX to cover the sudden withdrawal spike.
At press time, most of the industry believes that the stock exchange did not have much liquid assets to cover the amount of the sudden withdrawal. The transaction activity in the exchange’s hot wallets confirms this claim.