Sam Bankman-Fried pledges to use 'every penny' FTX has to repay its users

Sam Bankman-Fried, the CEO of once-mighty cryptocurrency exchange FTX, took to Twitter Thursday and apologized for his mistakes, pledging to use "every penny" the liquidity-strapped exchange has to repay its users. Alameda Research, the sister company of FTX, "is winding down trading" and "one way or another, soon they won't be trading on FTX anymore," the 30-year-old billionaire wrote. At the start of the week, Binance CEO Changpeng Zhao said his firm would sell its holdings in FTX token ( FTT-USD ), the crypto coin issued by FTX, after questions were raised about the overlap between FTX and SBF's hedge fund Alameda. SBF also promised that FTX US "users are fine." Note that FTX's American division had nothing to do with Binance's short-lived offer to buy the non-U.S. portion of FTX. Despite FTX's ongoing liquidity crunch, SBF claimed there's still a chance of survival, noting "there are a number of players who we are in talks with, LOIs, term sheets, etc.” He told investors on Wednesday that his exchange would need to file for bankruptcy unless it can garner more capital. In seeking a sizable capital injection, FTX tapped crypto exchange Kraken for a potential deal, two sources with knowledge on the matter told Axios, adding the talks could easily come apart. Neither FTX nor Kraken immediately responded to Seeking Alpha's request for comment. Overall, "I f****d up, and should have done better," he wrote, adding that he should've been more transparent with communication. SBF also said he misjudged users' margin given "a poor internal labeling of bank-related accounts," which was once of the main reasons why Binance backed away from its proposed FTX acquisition. On Wednesday, FTX was said to have come under SEC, CFTC scrutiny .