According to CoinDesk, FTX founder and former CEO Sam Bankman-Fried (SBF) posted an internal letter on the company’s Slack. SBF said, "I am deeply sorry for what happened. In the face of pressure and leaks and Binance's letter of intent to buy FTX, I froze and said nothing. FTX has about $60 billion in collateral this spring and $2 billion in collateral. U.S. dollars, but a market crash meant the collateral was halved in value. Loans and secondary sales are typically used to reinvest in the business, not for substantial personal consumption.” Additionally, the letter did not respond to allegations that FTX misappropriated clients and Company funds to support Alameda Research's allegations, and disclosures that Alameda was exempt from FTX's normal liquidation process or that Alameda borrowed money from FTX executives, including himself.