FTX Reports $51 Billion Crash In Collateral, Sequoia Apologises Investors

On Tuesday, November 22, in a letter to staff, FTX founder Sam Bankman-Fried outlined a $51 billion crash in the company’s collateral which has dropped to $9 billion from $60 billion. In his letter obtained by Bloomberg, SBF wrote that a combination of sell-offs in cryptocurrencies, a credit squeeze, and a “run on the bank” The post FTX Reports $51 Billion Crash In Collateral, Sequoia Apologises Investors appeared first on CoinGape .