Sam Bankman-Fried has told former FTX employees that excessive borrowing by his own trading firm Alameda Research was responsible for FTX’s demise, insisting he was unaware of the margin positions taken by the traders.
In a letter to former employees, the FTX founder wrote that he “did not realise the full extent of the margin position, nor did I realise the magnitude of the risk posed by a hyper-correlated crash”.
FTX typically allowed clients to borrow money in order to amp up their bets on cryptocurrencies. But that practice allowed Alameda to take extra-large positions, which Bankman-Fried claimed he failed to monitor.
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