FTX Reports $51 billion Crash in Collateral, Sequoia Apologises to Investors
Sam Bankman-Fried, founder of FTX, wrote to staff Tuesday, November 22. He described a $51billion crash in the company’s collateral, which dropped to $9billion from $60billion. SBF wrote in a letter to staff that there had been a combination of selloffs in cryptocurrency, credit squeezes, and a bank “run”.
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