Bankman-Fried Says Collateral Crashed by $51 Billion as FTX Fell

Former FTX chief executive again apologizes in letter to staff
He claims funding interest came eight minutes after bankruptcy

FTX founder Sam Bankman-Fried apologized to staff in a letter that outlined a crash in “collateral” to $9 billion from $60 billion. Suvashree Ghosh reports on Bloomberg Television.Source: Bloomberg

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By Joanna Ossinger

November 23, 2022 at 12:29 AM UTC

This article is for subscribers only.

Sam Bankman-Fried, disgraced founder of the now collapsed crypto exchange FTX and trading house Alameda Research, apologized to staff in a letter that outlined a crash in “collateral” to $9 billion from $60 billion.

“I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again,” he wrote in the message sent to employees Tuesday and obtained by Bloomberg News.