FTX's collateral tanked from $60 billion in the spring to $9 billion now, SBF reportedly told staff. This just about covers its liabilities of $8 billion.
A further"drying up" of credit in the industry further tanked the value of the collateral to around $25 billion, while FTX's liabilities quadrupled to $8 billion.
In November, another"concentrated, hyper-correlated" crash led the collateral's value to crash to $17 billion, according to the message. A"run on the bank" then decimated its value to $9 billion, he said. Bankman-Fried did not provide details of what made up the collateral and liabilities. FTX filed for bankruptcy on November 11 and Bankman-Fried resigned as CEO on the same day. His message to staff on Tuesday was shared by a current FTX employee on the company Slack channel, as the former CEO can no longer access the messaging platform,Bankman-Fried apologized to FTX staff in the email, saying he was"deeply sorry" and regretful about what happened.
"I didn't mean for any of this to happen, and I would give anything to be able to go back and to do things over again," Bloomberg reported, citing the letter. Bankman-Fried did not address issues raised by current CEO John J. Ray such as security failures at the exchange, and allegations he transferred customer funds from
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