FTX responds to Binance's 'divorce filings.'
FTX's CEO, Sam Bankman-Fried (SBF), has responded to the concerns drummed up by CZ (CEO of Binance), yesterday. Tweeting:
"FTX is fine. Assets are fine."
Translation: 'Yeah, nah - we're good. Don't even sweat it.'
"FTX has enough to cover all client holdings...we don't invest client assets (even in Treasuries)."
Translation: 'Please - we have money. And it's our money, we don't need to secretly borrow from FTX customers.'
"We have been processing all withdrawals, and will continue to be."
Translation: 'Take your money out of FTX, don't take your money out of FTX. It's all the same to us - we can do this all day, bud!'
"I'd love it, @cz_binance, if we could work together for the ecosystem."
Translation: 'One day, CZ and I are going to look back on this and laugh (oh, we'll laugh!).
...and we'll probably do so while wearing matching sweaters, because we'll have become best friends.
Best friends. I love you CZ...say it back. [← said in a stage whisper]'
Here're the two potential situations that could be playing out:
Everything is actually fine and SBF is just trying to calm everyone's nerves.
Everything is fine for now, but if everyone keeps freaking out and pulling their money from FTX, the fear could become contagious and lead to the company being bled dry.
(So SBF is trying to settle things down before that happens).
Let's hope it's option 1.
