According to a Nov. 22 letter reviewed by Cointelegraph, Bankman-Fried broke down the reasons behind FTX’s liquidity crisis and subsequent bankruptcy to employees. He largely confirmed information reported by media outlets amid the exchange’s collapse, citing the crypto market downturn as one of the factors leading to reduction in the value of FTX’s collateral assets. November’s “run on the bank,” according to the former CEO, helped reduce the exchange’s collateral to roughly $9 billion with $8 billion in liabilities.
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Source: Cryptocurrency - investing.com
