December 1, 2022

Bankman-Fried points mea culpa in letter to former FTX

Bankman Fried issues mea culpa in letter to former FTX

Bankman Fried issues mea culpa in letter to former FTX

Sam Bankman-Fried has advised former FTX staff that extreme borrowing by his personal buying and selling agency Alameda Analysis was liable for FTX’s demise, insisting he was unaware of the margin positions taken by the merchants.

In a letter to former staff, the FTX founder wrote that he “didn’t realise the total extent of the margin place, nor did I realise the magnitude of the danger posed by a hyper-correlated crash”.

FTX usually allowed shoppers to borrow cash with the intention to amp up…

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