FTX FTT/USD chairman Sam Bankman Fried reportedly told investors on Wednesday that he desperately needed $8 billion emergency funding to cover withdrawal requests and to avert bankruptcy.

What happened: Speaking to investors, Bankman-Fried said he hopes to raise $3 billion to $4 billion in equity and also some debt, Bloomberg said reportedciting people familiar with the matter.

This is happening around the same time as Binance said it would give up his attempt to buy FTX.

See more: How to use the Binance Smart Chain

Bankman-Fried said he will use his own money to compensate customers and investors, the report said.

On Sunday, FTX reportedly processed $4 billion in withdrawals — significantly more than the usual amount. By Monday, that had risen to $6 billion.

In January, FTX raised $400 million and emerged as a major player in the cryptocurrency space.

price action: FTT is trading at $2.48, down 52% in the last 24 hours Data from Benzinga Pro.

Continue reading: Elizabeth Warren calls for “aggressive enforcement” against the “Smoke and Mirrors” crypto industry in the wake of the FTX fiasco

Photo Courtesy: FTX