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Technology

Sam Bankman-Fried’s Apology Letter To FTX Employees

Disgraced CEO outlines his take on events leading to crypto exchange’s ultimate downfall.

View Source | November 23, 2022 3:44 pm

  • Sam Bankman-Fried, the former CEO of the bankrupt crypto exchange FTX, attributed his “irrational decisions” to “sh—y” circumstances in a letter addressed to employees.
  • Bankman-Fried claimed that he “froze up in the face of pressure and leaks” as investor confidence vanished and as customers withdrew billions of dollars.
  • Within approximately one week, the crypto exchange went from a $32 billion valuation to filing for Chapter 11 bankruptcy, prompting one FTX employee to say Bankman-Fried’s apology is “too little too late.”
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