SBF: The value of collateral used by FTX to borrow has fallen by $51 billion year-to-date

According to The Block, former FTX CEO Sam Bankman-Fried (SBF) has issued an apology letter to his former colleagues, saying that the chain of events that led to FTX's collapse began with the market crash in the spring, followed by credit Dry up, and finally a massive withdrawal of funds by customers. In addition, FTX's poor margin management and risk control eventually led to the bankruptcy filing. As of this spring, FTX had $60 billion in collateral and $2 billion in debt, SBF said. But before the bankruptcy, the collateral value was only $9 billion, while the liabilities were as high as $8 billion. SBF also stated in the letter that it still believes there is a chance to save FTX.