TechFlow News, November 10 — SBF, founder of FTX, released an internal letter today with the following key points:
1. First, I am deeply sorry. Ultimately, everything is my responsibility.
2. In the coming week, we will conduct a fundraising round. The priority of this financing is first and foremost to honor our obligations to customers; second, to meet our responsibilities to current and potential new investors; third, to support all of you. This will be my top priority over the next week. The financing could ultimately involve a joint injection into both FTX and FTX US, but I don’t want to be overly confident about that at this stage.
3. As part of this potential financing, and as reported on Twitter, we have held discussions with Justin Sun. Further details will be disclosed there.
4. Regarding Binance, I shouldn't throw stones while living in a glass house, so I'll restrain myself here. I'll just say: perhaps they never truly intended to go through with the deal—but let it be. Regardless, we must focus on doing our work. Still, I’m deeply grateful to everyone who put in effort.
5. My task list requires more time to write out fully, but what I owe everyone includes: (a) a more thorough explanation of what happened and where things went wrong; (b) management structure and future leadership; (c) a public post; and (d) getting control over payroll and related matters.
6. I truly hope each of you will stay and fight with us. But I also completely understand that this is stressful, and you may disagree with me. I have no issue with either, and I respect all of you regardless of your decision—but we do need to row in the same direction. Therefore, if anyone needs a breather or wishes to choose a different path in life, I won’t blame any of you.
