Crypto boss apologises.

The crypto exchange founder at the heart of the crisis that stunned the digital currencies world this week has apologised for failing customers who have been left with money trapped in his imploded business. The 30-year-old wunderkind, known as SBF, took to Twitter as his arch-rival Changpeng Zhao, head of Binance, pulled out of a rescue deal to leave FTX on the edge of failure, its customers blocked from making withdrawals. Bankman-Fried appeared to say that FTX had far less spare cash than he had thought because of «poor internal labelling of bank-related accounts». That left it completely swamped when it faced $5 billion of withdrawal requests on Sunday after Zhao triggered panic by announcing he planned to sell Binance’s holdings of FTT, a digital currency issued by FTX.

«When it rains, it pours,» Bankman-Fried tweeted. The near-collapse of the exchange had shocked the crypto world and sent digital currencies plunging before they staged a sharp rally yesterday, partly on the back of the better-than-expected news on US inflation.

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