According to the Wall Street Journal, former FTX CEO Sam Bankman-Fried spent the past weekend soliciting investment commitments because he believes he can raise enough money to compensate users.
Specifically, the former CEO and some employees spent most of the weekend looking for investors to compensate for the loss of up to $8 billion.
However, this effort has so far yielded no results. It is unclear what Sam Bankman-Fried has committed to potential partners in exchange for cash, nor if any organizations have agreed to assist.
From 2021 to 2022, FTX has raised capital many times, with an amount of nearly $1.5 billion raised from many reputable funds. At the peak of early 2022, the exchange was valued at up to $32 billion.
Last week, FTX submitted a bankruptcy petition. Sam Bankman-Fried stated that the exchange’s margin position had been substantially larger than he had anticipated and that he had many regrets regarding the company’s demise in an interview with the New York Times on Sunday.