FTX Founder Issues Public Apology for Exchange Crisis

Recently, the cryptocurrency exchange FTX has fallen into a liquidity crisis, attracting widespread attention in the industry. On the evening of November 10, the founder of FTX issued a public apology letter, admitting to making significant mistakes and stating that he would do everything possible to save the situation.

In this heartfelt apology letter, the founder of FTX first stated: "I messed up, it shouldn't have been this way." He acknowledged his shortcomings in communication and failed to inform users in a timely manner.

Regarding specific issues with FTX International, the founder explained that although the total value of assets is still higher than user deposits, there is a severe liquidity shortage. He revealed that he had previously severely underestimated the platform's actual leverage ratio, mistakenly believing it was close to zero when in fact it reached 1.7 times. At the same time, the available liquidity is also far below expectations, at only 0.8 times the withdrawal amount on Sunday.

When a massive wave of withdrawals hit, approximately $5 billion in withdrawal requests exacerbated the problem rapidly. The founder admitted: "This has taught me many lessons and made me realize that I have done poorly in certain aspects."

In response to the current crisis, the founder of FTX stated that he would do everything possible to save the situation. He promised to hand over every penny and all collateral directly to users until all user issues are resolved. At the same time, he is negotiating with multiple parties to seek possible investment or acquisition opportunities.

It is worth noting that the founder emphasized that FTX US, as an independent American exchange, has not been affected, and users can withdraw normally. He also announced that Alameda Research will cease its trading activities on FTX.

Looking to the future, the founder of FTX stated that if the exchange can continue to operate, it will be committed to improving transparency, allowing users to clearly understand everything happening on the platform. He also expressed willingness to accept oversight from all stakeholders and, if necessary, would even take the initiative to resign.

Finally, the founder of FTX sincerely apologized again to all affected users and promised to announce further developments in a timely manner. This crisis not only exposed numerous internal management issues at FTX but also triggered deep reflections on risk control and regulation across the entire cryptocurrency industry.