FTX Exchange founder and former CEO Sam Bankman-Fried (SBF) sent a letter to FTX employees today, and in the letter detailed the changes in the amount of positions of leverage, but did not answer hard questions about embezzlement of client funds and the recent More revelations about him and FTX.
(Recap:The first day of the court session of FTX” Bankruptcy attorney: a large number of assets were “stolen and disappeared”!Well-functioning business units will be sold）
(Event story:Justin Sun: Considering Buying FTX Assets; Sequoia Capital Apologizes to Investors for “150 Million Magnesium Loss”!）
rootAccording to Coindesk today (23)informationSam Bankman-Fried (SBF), the founder and former CEO of the FTX exchange that filed for bankruptcy reorganization, wrote an internal letter to FTX employees, detailing the amount of FTX leverage.
SBF wrote in an internal letter shared on the exchange’s Slack group that it is deeply sorry for the incident and for the staff, but did not respond to questions about the incident. FTX embezzles corporate clients and funds to support Alameda research allegations and recent allegations that Alameda had ownedThe right of “secret immunity” which will not be liquidated 、 Alameda loans up to $1.6 billion to three FTX executives, including himselfmultiple revelations.
I didn’t want to let that happen and I would give anything to be able to go back and do it again. You guys are my family but I lost my company and our old house (office) is now a warehouse with blank screens. When I turned around, there was no one to talk to.
Facing pressure, losses and Binance [收購 FTX 的意向書]I was dumbfounded and could not say anything.
Today’s latest internal letter to FTX employees is issued by a current employee, because SBF announced on the 11th the same day he filed for bankruptcy protectionresign CEO, now no longer has access to the company’s Slack.
Disclose the FTX leverage amount
SBF also explained the amount of FTX leverage in the letter, saying FTX still had about $60 billion of collateral and $2 billion of liabilities this spring, but the market crash after mid-year (Land caused a series of subsequent explosions ) means that the value of the guarantee is halved.
The “drying up” of credit in the cryptocurrency sector further reduced FTX’s collateral value to $25 billion, even as its measured liability jumped to $8 billion.
Another collapse in November “caused another approximately 50% reduction in the value of the collateral in a very short period of time,” when the collateral was valued at $17 billion.
Then, in early November, a rush caused by the FTT revelations (caused by what SBF previously called an “attack”) saw another $8 billion in collateral wiped out.
He commented on this: “When we were hastily putting it all together, it became apparent that the position was larger than shown on the admin/UI because there was old fiat currency before FTX had bank accounts Deposits. I hadn’t realized account of the entire “The size of the margin positions, nor the size of the risk associated with a related collapse. The loans and secondary sales are often used to reinvest in the business, including acquiring shares in Binance, rather than using for large amounts of personal consumption.”
Further reading:SBF: I can fall asleep and wake up playing video games! Admits Alameda’s leverage position on FTX is ‘bigger than imagined’
I reiterate my regret for declaring bankruptcy
Additionally, SBF said in the letter that it regrets filing for Chapter 11 bankruptcy reorganization. It told Vox reporters last week that the biggest mistake in life is “declaring bankruptcy.”。In his letter on Tuesday, he said:
Maybe there’s still a chance to save the company. I believe there is genuine interest from new investors to invest billions of dollars to complement client funds. But I can’t promise you anything will happen because it’s not my choice.
