SBF issued a long article explaining: The current total market value of FTX’s assets/collateral is higher than customer deposits; the reason for the problem is “communication problems with the bank and the wrong amount of reserves”, denying that Alameda was responsible for the collapse of FTX Any accountability; the first priority will be radical transparency; all stakeholders will take a hard look at FTX governance.

Wu said he learned that SBF issued a long article explaining that the current total market value of FTX’s assets/collateral is higher than customer deposits; the reason for the problem was “communication issues with the bank and the wrong amount of reserves”, denying that Alameda was in FTX assume any responsibility for the collapse; the first priority will be radical transparency; all stakeholders will take a hard look at FTX governance.