FTX Crypto Exchange Boss Says He Is Trying to Raise More Money

The cryptocurrency executive Sam Bankman-Fried said he would try to raise funds over the next week to prop up his crypto exchange FTX, which collapsed after a bank run that sent the crypto markets into meltdown this week.

Mr. Bankman-Fried shared details of the plans in a memo to FTX employees early on Thursday morning. “The goal of the raise will be first to do right by customers; second by current and possible new investors,” he wrote. “Third all of you guys.”

He said that FTX has “a lot theoretically in and/or potentially for the raise,” but acknowledged those deals may not ultimately come together. He also said that FTX has held talks with the crypto entrepreneur Justin Sun, who tweeted on Wednesday that he was working on “putting together a solution” with FTX.

The size of the hole in FTX’s balance sheet remains unclear, but it could be as large as $8 billion, according to a person familiar with the figures, who was not authorized to discuss them.

Article source: https://www.nytimes.com/2022/11/10/business/ftx-crypto-exchange.html