Sam Bankman-Fried told FTX.com investors on Wednesday that without a cash injection, the company would need to file for bankruptcy, according to a person with direct knowledge of the matter.

Before Binance said it was pulling out of its takeover offer, Bankman-Fried informed investors his crypto exchange faced a shortfall of up to $8 billion, said the person, who requested anonymity discussing private talks. FTX is attempting to raise rescue financing in the form of debt, equity, or a combination of the two, the person said.