SBF: The value of collateral used for lending by FTX has decreased by $51 billion year-to-date

ChainCatcher news, according to The Block, former FTX CEO Sam Bankman-Fried (SBF) issued an apology letter to his former colleagues, stating that a series of events leading to the collapse of FTX began with the market crash in the spring, followed by a credit crunch, and ultimately resulted in a massive withdrawal of funds by customers. Additionally, FTX's poor margin management and risk control ultimately led to the filing for bankruptcy protection.

SBF stated that in the spring of this year, FTX's collateral was valued at $60 billion, with debts of $2 billion. However, before the bankruptcy, the collateral was only worth $9 billion, while liabilities soared to $8 billion. SBF also mentioned in the letter that he still believes there was a chance to save FTX. (source link)