FTX CEO Sam Bankman-Fried has appealed for a $2 billion to $4 billion cash injection from OKX on Monday morning just prior to the announcement of the now collapsed acquisition mooted by arch rival Binance, said a senior executive at OKX.
The CEO of the troubled exchange had presented "a lot of urgency" in seeking that amount of cash injection during a call on November 8, as this would have helped FTX survive a short-term liquidity crisis, said Lennix Lai, director of financial markets at OKX.
The appeal for cash injection has come as FTX was facing a $7 billion total liability, said Lai, citing Bankman-Fried's comment made in the call. FTX has approached OKX for a deal as it needed to survive through a slew of withdrawal requests, Lai said, citing the several calls he had with Bankman-Fried on Nov. 8.
"If FTX does not get immediate cash injection, they would go bankrupt," said Lai, he recalled their conversation during a later call at 7 a.m. Hong Kong time. "Sam said he was talking with a few other potential investors, so he needed an urgent decison from us," he said.
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