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FTX FTT/USD CEO Sam Bankman-Fried reportedly told investors on Wednesday that he urgently needs $8 billion in emergency funding to cover withdrawal requests and avert bankruptcy.
What Happened: In a call with investors, Bankman-Fried said he hoped to raise as much as $3 billion to $4 billion in equity, and some debt as well, Bloomberg reported, citing people familiar with the matter.
This comes around the same time Binance said it was abandoning its attempt to buy FTX.
See More: How to Use Binance Smart Chain
Bankman-Fried said he would use his own money to compensate customers and investors, as per the report.
On Sunday, FTX reportedly processed $4 billion in withdrawals — significantly more than the usual amount. By Monday, that had climbed to $6 billion.
In January, FTX raised $400 million, emerging as a major player in the cryptocurrency space.
Price Action: FTT is trading at $2.48, down 52% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: FTX
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Image and article originally from www.benzinga.com. Read the original article here.