FTX Not Bankrupt, 'Our Balance Sheet is Just Highly Decentralized'


London - Sam Bankman-Fried, the billionaire founder of crypto exchange FTX, sought to reassure crypto investors on Monday after a rival exchange, Binance, said it would liquidate its holdings of FTX's native token.

The exchange was catapulted into a crisis after Changpeng “CZ” Zhao, founder of rival Binance Holdings Ltd., announced plans to sell some $530 million worth of FTX’s utility token FTT, citing “recent revelations.” Binance had received the tokens when it sold a stake in FTX last year. FTT plunged soon after.

"A competitor is trying to go after us with false rumors," FTX's Bankman-Fried said in a series of tweets on Monday. "FTX is fine. Assets are fine. Our balance sheet is just highly decentralized at the moment. And isn't that the vision of crypto and web3? We've achieved that vision, I think."

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