FTX Exchange founder and former CEO Sam Bankman-Fried (SBF) sent a letter to FTX employees today, in which the letter detailed changes in the number of leveraged positions, but did not respond to strong questions about the misuse of client funds, and the Disclosures other recent about it and FTX.
(Review:First day of FTX court session” Bankruptcy Lawyer: A large number of assets have been “stolen and lost”! Well-functioning business units will be sold)
(Background of the event:Justin Sun: Evaluating the purchase of FTX assets; Sequoia Capital apologized to investors for “losing 150 million magnesium”!)
rootAccording to news from Coindesk earlier today (23), Sam Bankman-Fried (SBF), founder and former CEO of the FTX exchange which has filed for bankruptcy reorganization, wrote an internal letter to FTX employees, detailing FTX leverage amount .
In an internal letter shared by SBF on the exchange’s Slack group, he wrote that he was very sorry for what happened to the staff, but did not respond to allegations that FTX had misused client and company funds to support Alameda Research, as well as recent claims. that Alameda has that FTX has a “confidential exception” that will not eliminate jobs, and Alameda has borrowed up to $1.6 billion from the three FTX executives including him.
I didn’t mean to let this happen and I would give anything to be able to go back and do it again. You are my family but I lost my company and our old home (office) is now a blank screen warehouse. When I turned around, there was no one to talk to.
In the face of pressure, leaks and Binance [收購 FTX 的意向書]I was stunned and could not say anything.
The latest internal letter was published today to FTX employees from a current employee because SBF resigned as CEO on the same day it announced it filed for bankruptcy protection on the 11th and no longer has access to the company’s Slack.
Disclosure of FTX leverage amount
SBF also explained the extent of FTX’s leverage in the letter, He claimed that FTX still had about $60 billion worth of collateral and $2 billion in liabilities this spring, but the market crash after the middle of the year (Terra caused a series of subsequent explosions) in edit The value of the collateral is halved.
Credit “drying up” in the cryptocurrency industry further reduced the value of FTX’s collateral to $25 billion, even as its measured liability jumped to $8 billion.
Another crash in November “led to another roughly 50% drop in collateral value in a very short period of time,” when collateral was valued at $17 billion.
Then, in early November, during a run caused by the FTT disclosures (caused by what SBF previously called an “attack”)) another $8 billion in collateral value was wiped out.
He said on this, “When we were putting everything together in a hurry, it became clear that the situation was bigger than it was showing on the server/UI because there was old fiat currency before FTX had Deposits of bank accounts. I didn’t realize the full extent of profit sites, or the extent of the risk associated with an associated breakdown. Loans and secondary sales are often used to reinvest in the business, including the acquisition of shares in Binance, rather than being used for large amounts of personal use.”
Further reading:SBF: I can fall asleep and wake up playing video games! Admits Alameda’s leveraged position on FTX is “greater than imagined”
Repeat the regret of filing for 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 “filing for bankruptcy.”.In his letter on Tuesday, he said:
There may still be a chance to save the company. I believe there is real interest from new investors to invest billions of dollars to make client funds complete. But I can’t promise anything will happen because it’s not my choice.
Further reading:Not misused? SBF regrets “filing for bankruptcy”! The goal is to raise 8 billion magnesium within two weeks, and he admits frankly that promoting oversight is just a form of public relations.
????Related reports????
The value of “19 properties in the Bahamas” under the name of SBF’s parents is 120 million magnesium! FTX still has 1.24 billion magnesium in cash
First day of FTX trial” The Bahamas agreed to “transfer the case to the US court”! More than 1 million creditors should be notified
First day of FTX court session” Bankruptcy Lawyer: A large number of assets have been “stolen and lost”! Well-functioning business units will be sold
