FTX Founder Shares Internal Letter With Employees: Details

FTX founder and former CEO shared an internal letter with the firm's employees and apologized for the events that happened under his tenure.

Sam Bankman-Fried, founder and former CEO of FTX, has written a fresh letter to the staff of the company he once led, admitting that he “froze up in the face of pressure” as FTX crumbled.

In the message, which was published internally on the firm’s Slack and was acquired by media outlets, Bankman-Fried expressed regret for what transpired and what it meant for the company’s employees, SBF writes that he felt “deeply sorry about what happened”. 

He did not respond to allegations that the exchange had used company and customer funds to support Bankman-Fried’s Alameda Research, to the news that Alameda was exempt from FTX’s standard liquidation process, or to the claims that Alameda had loaned money to FTX officials, including himself.

“I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family,” the former FTX head said.

“I’ve lost that, and our old home is an empty warehouse of monitors. When I turn around, there’s no one left to talk to.”

He added that he “froze up in the face of pressure and leaks and the Binance [letter of intent to purchase FTX] and said nothing.”

FTX Founder Was The Exchange’s Worst Enemy

Bankman-Fried resigned as CEO of FTX on November 11, just prior to the filing of bankruptcy. Following Bankman-several Fried’s twitter threads and interview with a reporter regarding the company, new CEO John Ray III stated that Bankman-Fried was no longer employed by the company.

Bankman-Fried no longer has access to corporate Slack, so a current employee forwarded Tuesday’s letter to FTX staff. He further added in the letter that “maybe there is still a chance to save the company.”

“I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can’t promise you that anything will happen, because it’s not my choice.”