Dorsey shared a tweet indicating that SBF reached out to him last Monday.
Now former FTX CEO Sam Bankman-Fried reached out to Block CEO Jack Dorsey at the height of the FTX bank run, according to messages shared by Dorsey in a tweet today.
The former Twitter CEO shared the screenshot in response to a question about how close he was to the embattled crypto founder.
The messages indicate that SBF was able to contact Dorsey with the help of an unnamed mutual acquaintance.
“I’d love to chat today if you’re free!” SBF said after introducing himself.
Image source: https://twitter.com/jack/status/1593052151751708672
It is unclear what the former FTX chief wanted to discuss, as there is no evidence of a response from Dorsey. Moreover, the Block CEO asserts that he reported the message as junk.
However, it matches up with a timeline at which Reuters reports that the erstwhile crypto billionaire was working the phones to raise $7 billion in capital to save the exchange, which saw a withdrawal volume of up to $6 billion over the weekend.
Per the report, SBF reached out to Sequoia Capital, Apollo Global Management Inc, TPG Inc, and even the Saudis to raise the needed capital to keep the exchange liquid. As widely reported, he also reached out to Binance, which signed a non-binding Letter of Intent at one point. However, the deal fell through after due diligence checks and the announcement of regulatory investigations.
Notably, Shark Tank star Kevin O’Leary who claimed to have been close to getting the bailout FTX needed, asserted that announcements of investigations by the SEC caused interested parties to withdraw.
The spectacular collapse of the once-leading exchange has left many baffled, more so the revelations of the unethical and potentially fraudulent practices of FTX executives. Consequently, Bitcoin maximalists like Dorsey have taken advantage of recent happenings to champion Bitcoin’s underpinning values and assert its resistance to these incidents.
Trust No One
In an earlier tweet, the Block chief had asserted that no one could be trusted, agreeing with the sentiments of fellow Bitcoin Maxi Neil Jacobs.
no one https://t.co/JaWMhnZVH4
— jack (@jack) November 16, 2022
MicroStrategy chief and Bitcoin evangelist Michael Saylor also expressed these sentiments in a tweet two days ago.
“Satoshi had a beautiful dream of a world where we don’t need to trust banks and store our life’s savings in collapsing fiat currencies,” Saylor tweeted. “Bitcoin means you don’t need to trust the FTXs of the world.”
In another tweet, the Microstrategy chief described the FTX collapse as “an expensive ad for Bitcoin.”
It bears mentioning that Dorsey quit Twitter in Q4 2021 to focus on Block and build applications for Bitcoin. According to the Block chief, Bitcoin is the best foundation to build the applications people crave, as neither institutions nor individuals can dictate the network.
Notably, pioneers built Bitcoin and crypto to eliminate the risks of trusting a centralized entity following the 2008 financial crisis. However, FTX appears to be crypto’s Lehman Brothers moment.