Sam Bankman-Fried admits to ineffective oversight of client assets

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The founder of FTX apologized to his employees in a two-page letter in which he tried to explain the reasons for the collapse of the crypto exchange.

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Calling the FTX employees his family, Sam Bankman-Fried said he was “frozen in the face of pressure” and “lost sight of the most important things in the turmoil”:

“I didn’t want this to happen and would give anything to be able to go back and do it all over again. You were my family. I lost it, and our old house turned into an empty warehouse of monitors. When I turn around, I have no one to talk to.

The businessman did not refute allegations that FTX loaned customer funds to its trading subsidiary, Alameda, to cover liabilities. Instead, Bankman-Fried simply stated that he regretted his “failure to oversee.”

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The former executive wrote in a letter that he “did not fully understand either the margin position” or “the magnitude of the risk associated with a default.” Regarding the purchase of cryptocurrency exchange assets by Tron’s Justin Sun, the former head of FTX said he was open to “any deal” and that “all options are on the table.”

Recently, information appeared in the media that the management of the FTX exchange and the parents of its founder Sam Bankman-Fried bought 19 properties in the Bahamas over the past two years.

Source: Bits

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