The FTX logo seen on a computer in Atlanta in this illustration taken November 10, 2022. Photo: TNS
The FTX logo seen on a computer in Atlanta in this illustration taken November 10, 2022. Photo: TNS

FTX’s Sam Bankman-Fried apologises to staff, says collateral plummeted by US$51 billion in crypto crash

  • The founder of FTX and Alameda Research outlined in a letter the company’s financial troubles that he said started with the slide of digital assets this year
  • After a sell-off in virtual coins and a ‘run on the bank’, FTX’s collateral was left at US$9 billion, down from US$60 billion, he said

The FTX logo seen on a computer in Atlanta in this illustration taken November 10, 2022. Photo: TNS
The FTX logo seen on a computer in Atlanta in this illustration taken November 10, 2022. Photo: TNS
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