Former FTX CEO Sam Bankman-Fried wrote in a letter to the employees of the bankrupt crypto exchange that as recently as last Spring, his company was financially robust with $60 billion in assets and just $2 billion in liabilities. However, following a series of crashes in the cryptocurrency marketplace, those assets plummeted in value. By November, FTX's assets were worth just $17 billion which prompted a run on the bank that ended with $8 billion being withdrawn in a matter of days. In the letter, SBF, as he has come to be known, wrote that things all but came to a head for his company when he discovered another that the company had another $8 billion in liabilities.
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