Sam Bankman-Fried, the founder of the embattled cryptocurrency exchange FTX, is seeking to raise fresh funds, even as his exchange, along with 130 other associated entities, initiated bankruptcy proceedings last week.
Bankman-Fried and a small number of other employees spent the last weekend making calls in an effort to secure commitments from investors to cover a potential $8-billion shortfall in order to pay back FTX's clients, according to a Tuesday Wall Street Journal report.
The report states that his attempts to make up for the shortfall have not succeeded.
It is unclear what Bankman-Fried has proposed in exchange for any potential infusion of cash or whether any investors have made any firm commitments, the Journal said.
On Friday, Bankman-Fried stepped down as FTX's CEO and the company filed for bankruptcy in a U.S. court.
Despite the bankruptcy proceedings, he still remains the largest shareholder in the firm.
The value of FTT FTT/USD, the native token of the crypto exchange, has lost nearly all of its value amid the FTX fiasco.
Bankman-Fried has been busy tweeting cryptic alphabets on Twitter.
Asked why he was posting such tweets, Bankman-Fried said he does not know why he is doing so and that it he is improvising.
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