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.

Calling the FTX staff his family, Sam Bankman-Fried said he "froze in the face of pressure" and "lost sight of the most important things in the chaos":

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

The businessman did not refute the accusations thatthat FTX loaned customer funds to its trading subsidiary Alameda to cover liabilities. Instead, Bankman-Fried simply said he regretted his “failure in oversight.” 

The former manager wrote in a letter that “notwas fully aware of neither the marginal position” nor the “magnitude of the risk associated with default.” Regarding the purchase of cryptocurrency exchange assets by Tron's Justin Sun, the former FTX head 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 have bought 19 properties in the Bahamas over the past two years.