FTX founder Sam Bankman-Fried's crypto collapse apology

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Crypto’s ‘shakeout phase’ will make best companies stronger: Perianna Boring

Bitcoin Foundation chairman Brock Pierce and Chamber of Digital Commerce founder Perianna Boring explain how Sam Bankman-Fried’s FTX cryptocurrency exchange was unexpectedly hit with a mass liquidity crisis on ‘The Claman Countdown.’

With cryptocurrency exchange FTX in free fall, founder and CEO Sam Bankman-Fried is delivering a mea culpa. 

"I sincerely apologize," he said in a rapid series of 22 tweets on Thursday. He also promised to continue trying to save the company. 

"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." 

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Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, on Aug. 17, 2022. (Jeenah Moon/Bloomberg via Getty Images) | Getty Images

CRYPTOCURRENCIES STABILIZE AFTER FTX DEAL TURMOIL

FTX's white knight, China's Binance, backed out of acquiring the company late Wednesday disclosing its due diligence had discovered some red flags. 

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Cryptocurrency ‘here to stay’: Brock Pierce

Bitcoin Foundation Chairman Brock Pierce discusses the cryptocurrency market, its influence on politics, and provides an outlook of the market on ‘Cavuto: Coast to Coast.’

The ongoing turmoil is taking an even greater toll on cryptocurrencies, which have fallen this year in tandem with the broader U.S. stock market. 

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Bitcoin is trading around the $17,000 level and has lost more than 60% this year. 

 
 

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