Sam Bankman-Fried says "will be conducting a [capital] raise" next week in memo to staff

At this point who would invest in FTX?

In any case, Reuters cites a memo from FTX CEO Sam Bankman-Fried to staff that has some interesting points:

• Next week will be conducting a capital raise to do right by customers
• Cites "possible new investors"
• Optimistic about a capital raise but "don't want to imply anything about the odds of success"
• Raise may end up being a combined FTX International and FTX US
• Held talks with Justin Sun for a possible raise
• Binance "probably never planned to go through with the deal"

On the last point, the US regulators aren't going to like that. I also wonder if this memo was leaked on purpose to stop the run on the crypto bank and do some damage control on how quickly Binance walked away. I can't see any reasonable person investing in FTX right now, the brand is wrecked and the company is said to have an $8 billion hole in its balance sheet.

A "cascade of margin calls" is likely underway in the rest of the crypto ecosystem, according to JPMorgan's Nikolaos Panigirtzoglou.

Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term is trading at $16,506, which is up about $1000 from yesterday's late low, reflecting some optimism.