Tuesday, CEO Sam Bankman-Fried apologized to investors for a lack of information over a prospective acquisition by Binance.
The acquisition of FTX.com by Binance has left some of the world’s top investors in the dark. Sam Bankman-Fried, the beleaguered CEO of FTX, apologised to investors on Tuesday for his lack of communication and noted that the specifics of a non-binding agreement for Binance to acquire FTX.com had not been completed.
“I wish I had more information for you right now, but I don’t,” he added, adding that he would be “very busy” in the next few days and that FTX’s head of product, Ramnik Arora, would address any queries.
According to The Block Research, the exchange has received funding from BlackRock, Ontario Teachers Pension Plan, Sequoia, Paradigm, Tiger Global, SoftBank, Circle, Ribbit Capital, Alan Howard, Multicoin Capital, VanEck, and Temasek, among others.
In January of this year, FTX received $400 million for Series A at an $8 billion value. SoftBank, Ontario Teachers’ Pension Plan, and Tiger Global participated in this funding round. All of these funds participated in FTX’s October 2021 fundraising campaign.
Several investors have already spoken out. CEO of Circle Jeremy Allaire linked the FTX issue to the 2008 fall of Lehman Brothers.