Report reveals how FTX founder Sam Bankman-Fried begged for a rescue but failed to save his company
FTX, Sam Bankman-Fried
The recent collapse of crypto-exchange FTX has left the finance world shocked. Reports suggest that as the company stood on the threshhold of bankruptcy with panicked customers withdrawing billions from the platform, a frantic Sam Bankman-Fried "worked the phone" calling up once interested investors, engaged in a futile bid to raise $7 billion in emergency funds; money that could've saved his company.
Citing three people in the know Reuters reports that apparently, the FTX founder spent the whole of a Sunday this month, calling some of the world's biggest investors including Sequoia Capital, Apollo Global Management Inc and TPG Inc.
Watch|WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police
Of these, Sequoia just months back was lining up amid other investors, looking to pump money into Bankman-Fried's empire. But when the FTX founder made the frantic call, shocked at the amount of money needed the investing firm backed down.
Quoting sources Reuters also says that Apollo on the other hand asked for more information but backed down later.
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In the end the calls came to naught, the rescue attempt failed, and the FTX had to file for bankruptcy on November 11, which as per the filing with US bankruptcy court affected close to one million people who are now facing millions in losses.
The collapse of FTX reverbated across the crypto world, leading to plummeting costs of bitcoin and other digital assets. The sudden demise of the rising star of the cryptocurrency market valued at $32 billion at the beginning of 2022 has also spurred inquiries from financial and other regulators all over the world.
(With inputs from agencies)
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