{"id":514814,"date":"2022-11-23T20:15:00","date_gmt":"2022-11-23T17:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sam-bankman-fried-is-deeply-sorry-for-collapse-in-letter-to-ftx-team\/"},"modified":"2022-11-23T20:15:00","modified_gmt":"2022-11-23T17:15:00","slug":"sam-bankman-fried-is-deeply-sorry-for-collapse-in-letter-to-ftx-team","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sam-bankman-fried-is-deeply-sorry-for-collapse-in-letter-to-ftx-team\/","title":{"rendered":"# Sam Bankman-Fried is &#8216;deeply sorry&#8217; for collapse in letter to FTX team"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 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-6a40b1f9da83a\" 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-6a40b1f9da83a\" 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-is-deeply-sorry-for-collapse-in-letter-to-ftx-team\/#%E2%80%9D_Sam_Bankman-Fried_is_%E2%80%98deeply_sorry_for_collapse_in_letter_to_FTX_team_%E2%80%9C\" >&#8221; Sam Bankman-Fried is &#8216;deeply sorry&#8217; for collapse in letter to FTX team &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Sam_Bankman-Fried_is_%E2%80%98deeply_sorry_for_collapse_in_letter_to_FTX_team_%E2%80%9C\"><\/span>&#8221; Sam Bankman-Fried is &#8216;deeply sorry&#8217; for collapse in letter to FTX team &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvN2I3Nzc2MWMtZDMxMC00ZjEwLWJlM2ItYTQzZjZhNGU1OTc4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>Former FTX CEO Sam Bankman-Fried, also known as SBF, has reiterated apologies to the exchange\u2019s employees in a letter explaining the collapse.\u00a0<\/p>\n<p>According to a Nov. 22 letter reviewed by Cointelegraph, Bankman-Fried broke down the reasons behind FTX\u2019s liquidity crisis and subsequent bankruptcy to employees. He largely confirmed information reported by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlets amid the exchange\u2019s collapse, citing the crypto market downturn as one of the factors leading to reduction in the value of FTX\u2019s collateral assets. November\u2019s \u201crun on the bank,\u201d according to the former CEO, helped reduce the exchange\u2019s collateral to roughly $9 billion with $8 billion in liabilities. <\/p>\n<p>\u201cI never intended this to 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>en,\u201d said SBF. \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<\/p>\n<p>Bankman-Fried described his role in the calamity as a failure in oversight, saying he should have been \u201cmore skeptical of large margin positions,\u201d and had more procedures in place to monitor and simulate crashes and runs on the bank. He said he planned to \u201cmake it up\u201d to affected team members, but seemed to regret events leading to FTX\u2019s bankruptcy:<\/p>\n<blockquote><p>\u201cI believe that a month earlier FTX had been a thriving, profitable, innovative business. Which means that FTX still had value, and that value could have gone towards helping to make everyone more whole. We likely could have raised significant funding; potential interest in billions of dollars of funding came in roughly eight minutes after I signed the Chapter 11 docs.\u201d<\/p><\/blockquote>\n<p>\u201cMaybe there still is a chance to save the company,\u201d said SBF. \u201cI believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can&#8217;t promise you that anything will happen, because it&#8217;s not my choice.\u201d<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Sam Bankman-Fried updates investors: \u2018We got overconfident and careless,\u2019 claims $13B leverage<\/em><\/strong><\/p>\n<p>SBF resigned as the CEO of FTX on Nov. 11 in the same announcement in which the FTX Group filed for bankruptcy in the United States. Bankruptcy court proceedings in the District of Delaware are ongoing, but the legal team representing FTX debtors said on Nov. 22 that the exchange\u2019s assets were still at risk of cyberattacks. An unknown actor removed 228,523 Ether (ETH) from FTX on Nov. 11.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/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>\n<\/p><\/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\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sam-bankman-fried-is-deeply-sorry-for-collapse-in-letter-to-ftx-team\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Sam Bankman-Fried is &#8216;deeply sorry&#8217; for collapse in letter to FTX team &#8220; Former FTX CEO Sam Bankman-Fried, also known as SBF, has reiterated apologies to the exchange\u2019s employees in a letter explaining the collapse.\u00a0 According to a Nov. 22 letter reviewed by Cointelegraph, Bankman-Fried broke down the reasons behind FTX\u2019s liquidity crisis and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":514815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvN2I3Nzc2MWMtZDMxMC00ZjEwLWJlM2ItYTQzZjZhNGU1OTc4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,135234,89897,4978,117],"class_list":["post-514814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-ftx","tag-sam-bankman-fried","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514814","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=514814"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/514814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/514815"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=514814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=514814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=514814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}