Sam Bankman-Fried admits to ineffective oversight of client assets

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 FTX employees his family, Sam Bankman-Fried said he "stands up in the face of pressure" and "lost sight of the most important things in turmoil":

“I didn't want this to happen and I would give anything to be able to come back and do it all 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 deny accusations that FTX transferred client funds to its subsidiary trading firm Alameda to cover its obligations. Instead, Bankman-Fried simply stated that he was sorry for his "failure in supervision."

The former executive wrote in a letter that he "did not fully understand either the marginal position" or "the big risk associated with a default." Regarding Justin Sun's purchase of the cryptocurrency exchange's assets from Tron, the former head of FTX stated that it is open to "any deal" and that "all options are on the table."

Recently, the media reported 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.