SBF Apologizes In New Letter: “I froze up in the face of pressure”
Former CEO of crypto exchange Sam Bankman-Fried (SBF) has written and sent out a new letter sent to employees of the company, apologizing and explaining the events leading up to FTX’s bankruptcy.
Bankman-Fried started off his letter apologizing, saying he felt “deeply sorry about what happened” and regretful of the impact FTX’s fall and bankruptcy had on FTX’s employees.
“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. You were my family,” he wrote, “I’ve lost that, and our old home is an empty warehouse of monitors. When I turn around, there’s no one left to talk to.”
The former CEO also explains that he’s deeply regretful for having stayed mostly silent all this time, writing “I froze up in the face of pressure and leaks and the Binance LOI and said nothing.”
— Liz Hoffman (@lizrhoffman) November 22, 2022
Chance To Save The Company
Aside from explaining the events leading up to FTX’s fall, SBF says he’s aware that there could have been many things done differently in order to save the crypto exchange earlier on.
“Between those funds, the billions of dollars of collateral the company still held, and the interest we’d received from the other parties, I think that we probably could have returned large value to customers and saved the business.” SBF wrote.
“There would have had to be changes, of course: way more transparency, and way more controls in place, including oversight of myself.”
SBF then goes on to say that despite not being in leadership role anymore, he believes there could still be a chance to save the company from completely failing.
“Maybe there still is a chance to save the company. I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can’t promise you that anything will happen, because it’s not my choice.”