Beijing: In a letter to employees, Sam Bankman-Fried, the disgraced founder of trading firm Alameda Research and now-defunct cryptocurrency exchange FTX, apologized for the drop in "collateralized" from US$60 billion to US$9 billion.

He said in the message to staff members, which Bloomberg News was able to obtain, "I didn't mean for any of that to happen, and I would give anything to be able to go back and do things again."

According to him, the collapse of the market for digital assets in the spring roughly halved collateral to $30 billion, while liabilities stood at $2 billion.

Also Read: US wants the Dutch to stop selling more chip-making equipment to China

Before FTX filed for bankruptcy on November 11, he wrote, the credit crunch resulted in $9 billion in collateral, and the virtual coin sold off, and was "running on the bank." He claimed that by that time the estimated liabilities had increased to $8 billion.

According to Bankman-Fried, I was unaware of the full scope of the margin position, and also of the severity of the risk posed by the hyper-correlated crash. He did not give exact details regarding the composition of liabilities or collateral.

Incredibly this month, two former pillars of the cryptocurrency market, FTX and Alameda Research, parted ways. The question of whether the exchange misappropriated customer funds revolved around money transfers among a complex web of entities affiliated with FTX.

Also Read:  US House Republicans questioned TikTok about sharing data with China

So far, the bankruptcy proceedings have painted a picture of a company with unusually lax financial controls and documentation, where payment requests are approved by emoji in chat rooms and FTX funds are used for home and other expenses for employees and consultants. Used to buy personal items.

According to Bankman-Fried, potential interest in the billion-dollar funding came about eight minutes after the "Chapter 11" documents were signed.

Also Read: Google's parent Co 'ALPHABET' to lay off 10,000 employees

Although he claimed that FTX could have been saved and delivered "great value" to customers, court documents show a disorganized organization with significant issues.