Tags: FTX

FTX founder says sorry for crash


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Founder of the collapsed crypto exchange FTX has written to its former employees apologising for his role in its crash.

Sam Bankman-Fried insists the company was essentially healthy.

In the letter, he wrote: “I deeply regret my oversight failure. In retrospect, I wish that we had done many many things differently … I’m going to do what I can to make it up to you guys – and to the customers – even if that takes the rest of my life.”

He added: “We likely could have raised significant funding. Potential interest in billions of dollars of funding came in roughly eight minutes after I signed the chapter 11 docs.

“Between those funds, the billions of dollars of collateral the company still held, and the interest we’d received from other parties, I think that we probably could have returned large value to customers and saved the business.


“An extreme amount of coordinated pressure came, out of desperation, to file for bankruptcy for all of FTX – even entities that were solvent – and despite other jurisdictions’ claims … I reluctantly gave in to that pressure, even though I should have known better; I wish I had listened to those of you who saw and still see value in the platform, which was and is my belief as well.”

He claims FTX was a fundamentally healthy business, presenting a narrative of its downfall that showed it with assets of $60bn, against only $2bn of liabilities, as recently as this spring.

But two crypto market crashes led to its assets dropping in value causing customers to fall away with $8bn of withdrawals in a few days.

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