{"id":514786,"date":"2022-11-23T19:30:39","date_gmt":"2022-11-23T16:30:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sam-bankman-fried-deeply-sorry-for-ftx-collapse-blames-bankruptcy\/"},"modified":"2022-11-23T19:30:39","modified_gmt":"2022-11-23T16:30:39","slug":"sam-bankman-fried-deeply-sorry-for-ftx-collapse-blames-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sam-bankman-fried-deeply-sorry-for-ftx-collapse-blames-bankruptcy\/","title":{"rendered":"#Sam Bankman-Fried &#8216;deeply sorry&#8217; for FTX collapse, blames bankruptcy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a24090149c17\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a24090149c17\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sam-bankman-fried-deeply-sorry-for-ftx-collapse-blames-bankruptcy\/#%E2%80%9CSam_Bankman-Fried_%E2%80%98deeply_sorry_for_FTX_collapse_blames_bankruptcy%E2%80%9D\" >&#8220;Sam Bankman-Fried &#8216;deeply sorry&#8217; for FTX collapse, blames bankruptcy&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CSam_Bankman-Fried_%E2%80%98deeply_sorry_for_FTX_collapse_blames_bankruptcy%E2%80%9D\"><\/span>&#8220;Sam Bankman-Fried &#8216;deeply sorry&#8217; for FTX collapse, blames bankruptcy&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Disgraced FTX founder Sam Bankman-Fried told former employees he is \u201cdeeply sorry\u201d about the implosion of his crypto exchange \u2014 but continued to point the finger at the company\u2019s bankruptcy filing, insisting that he could have saved the platform if given enough time.<\/p>\n<p>\u201cI feel deeply sorry about what h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened. I regret what happened to all of you,\u201d Bankman-Fried \u2014 who reportedly purchased hundreds of millions of dollars worth of pricey real estate in the Bahamas, even as he claimed to champion \u201ceffective altruism\u201d \u2014 told his employees in the letter.<\/p>\n<p>\u201cI didn\u2019t mean for any of this to happen, and I would give anything to be able to go back and do things over again,\u201d the 30-year-old Bankman-Fried wrote. \u201cYou were my family. I\u2019ve lost that, and our old home is an empty warehouse of monitors.\u201d<\/p>\n<p>\u201cWhen I turn around, there\u2019s no one left to talk to,\u201d he whined.<\/p>\n<p>The letter was posted on FTX\u2019s internal Slack channel by a staff member. Bankman-Fried resigned as CEO and is no longer employed by the company, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/tv\/first-mover\/first-mover-nov-23\/\">according to CoinDesk.<\/a><\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-68-1-1.jpg?w=1024\" alt=\"Bankman-Fried's company filed for bankruptcy protection earlier this month.\" class=\"wp-image-24761360\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-68-1-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-68-1-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-68-1-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bankman-Fried\u2019s company filed for bankruptcy protection earlier this month.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>FTX attorneys told a bankruptcy judge in Delaware on Tuesday that \u201ca substantial amount of assets have either been stolen or are missing.\u201d<\/p>\n<p>FTX filed for protection in the US after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. The collapse has left an estimated 1 million creditors facing losses totaling billions of dollars.<\/p>\n<p>During the bankruptcy hearing this week, an attorney for FTX told a Delaware court that the company was run by Bankman-Fried as his own \u201cpersonal fiefdom.\u201d<\/p>\n<p>FTX, led since the bankruptcy filing by new CEO John Ray, also has accused Bankman-Fried of working with Bahamian regulators to \u201cundermine\u201d the US bankruptcy case and shift assets overseas.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/caroline-ellison-ftx-ceo-alameda-research-feat-image-3.jpg?w=1024\" alt=\"\" class=\"wp-image-24761904\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/caroline-ellison-ftx-ceo-alameda-research-feat-image-3.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/caroline-ellison-ftx-ceo-alameda-research-feat-image-3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/caroline-ellison-ftx-ceo-alameda-research-feat-image-3.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Alameda Research was run by Bankman-Fried\u2019s 28-year-old ex-girlfriend, Caroline Ellison.<\/figcaption><figcaption><span class=\"credit\"><a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> \/ @carolinecapital<\/span><\/figcaption><\/figure>\n<p>The FTX founder, who is said to be under investigation by authorities in the US and his home base of the Bahamas, did not address allegations that customer funds were used by sister firm Alameda Research, run by his ex-girlfriend Caroline Ellison, to make risky bets.<\/p>\n<p>In his letter, Bankman-Fried instead continued to insist that he had a way out of the mess, writing to his employees: \u201cPotential interest in billions of dollars of funding came in roughly eight minutes after I signed the Chapter 11 docs.\u201d<\/p>\n<p>\u201cBetween those funds, the billions of dollars of collateral the company still held, and the interest we\u2019d received from other parties, I think that we probably could have returned large value to customers and saved the business.\u201d<\/p>\n<p>\u201cI believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole,\u201d\u00a0he wrote.<\/p>\n<p>Bankman-Fried wrote in the letter that the plummeting value of cryptocurrencies cut FTX\u2019s collateral in half to around $30 billion. The company\u2019s liabilities were valued at $2 billion.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-61-2.jpg?w=1024\" alt=\"\" class=\"wp-image-24761939\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-61-2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-61-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Bankman-Fried-61-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bankman-Fried whined, \u201cWhen I turn around, there\u2019s no one left to talk to.\u201d<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>When cryptocurrencies failed to recover, collateral fell even further to around $9 billion, according to Bankman-Fried, who lamented the \u201crun on the bank\u201d as account holders sought to withdraw their deposits.<\/p>\n<p>\u201cI did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash,\u201d Bankman-Fried wrote.<\/p>\n<p>The chain of events led FTX to file for bankruptcy protection, he claimed.<\/p>\n<p>Meanwhile, Sequoia Capital, the well-known Silicon Valley-based venture capital firm, apologized to its fund investors after it took a $150 million loss on FTX.<\/p>\n<p>Sequoia partners told investors on a company call that it would improve its due-diligence process on future investments, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/sequoia-capital-apologizes-to-limited-partners-for-ftx-investment-11669144914\">according to The Wall Street Journal.<\/a><\/p>\n<p>The firm told its investors that it believes it was misled by FTX.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/ftx-64.jpg?w=1024\" alt=\"FTX is a cryptocurrency exchange that was once worth some $32 billion.\" class=\"wp-image-24761358\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/ftx-64.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/ftx-64.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/ftx-64.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>FTX is a cryptocurrency exchange that was once worth some $32 billion.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>Nathaniel Whittemore, a CoinDesk podcaster who worked as FTX\u2019s head of marketing, said that employees of the company were not aware that Bankman-Fried was using customer funds to cover Alameda\u2019s debts.<\/p>\n<p>Whittemore also said that employees had no idea their life savings were gone.<\/p>\n<p>\u201cYou have to understand just how devastated the average FTX employee was\u201d after FTX failed to get Binance to bail it out, Whittemore said. <\/p>\n<p>\u201cNot only, then, did it seem that they might be out of a job, but they were also potentially facing the total loss of their savings.\u201d<\/p>\n<p>Whittemore\u2019s comments <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/ftx-employees-were-encouraged-to-keep-life-savings-in-the-now-bankrupt-exchange-sources-say-1031920355\">were reported by Insider.<\/a>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/23\/sam-bankman-fried-deeply-sorry-for-ftx-collapse-blames-bankruptcy\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Sam Bankman-Fried &#8216;deeply sorry&#8217; for FTX collapse, blames bankruptcy&#8221; Disgraced FTX founder Sam Bankman-Fried told former employees he is \u201cdeeply sorry\u201d about the implosion of his crypto exchange \u2014 but continued to point the finger at the company\u2019s bankruptcy filing, insisting that he could have saved the platform if given enough time. \u201cI feel deeply&#8230;<\/p>\n","protected":false},"author":1,"featured_media":514787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/newspress-collage-24760229-1669220848301.jpg?quality=75&strip=all&1669202968&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,89897,136078,76127],"class_list":["post-514786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-sam-bankman-fried","tag-11-23-22","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=514786"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514787"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}