Partnered With:

SBF's final letter to employees (full text)

Read this article in 7 Minutes

"Doing the right thing to the customer."

Original source: encrypted KOL Cobie

Original compilation: 0x214, 0x711, BlockBeats

November On the 10th, encrypted KOL Cobie posted on his social platform that an anonymous user on Telegram provided him with an employee letter posted by SBF on the FTX internal Slack channel. Cobie has verified its authenticity.

This is SBF’s announcement to all employees after Binance confirmed that it will no longer carry out the transaction for explanation and apology. The $8 billion shortfall has discouraged Coinbase, OKX, and even Binance, which has the largest amount of funds. SBF, whose worth has shrunk by more than 90% from $19 billion in 3 days, is still looking for a way to Bailout. When the world's second largest encryption trading platform is destroyed within 3 days, this is what the founder most wants to say to his employees. BlockBeats translated it as follows:

Hey everyone!

I know I promised to give more information earlier; a group of us Been working on the following:

First of all, again, I'm sorry. Ultimately, it is my personal responsibility for things to get to this point. I am so grateful for everything you all have done and will always be grateful.

My first priority now is to take responsibility for my customers and do the right thing, and second It is to take responsibility to you (referring to FTX employees) and investors, but the customer is the priority. I'm not sure which path ahead is the right one to move forward, but the most important thing is that we are still in this together.

So, in the next week, we will have a fundraising. The goal of this financing is: first, to do what is right for customers, and second, to current and potential investors, and to meet the requirements of everyone. In a hypothetical scenario, in a world where everything happens to be on the right track, perhaps I myself would be placed in the fourth and final (compensated role) as an investor. But that's not a top priority for our company.

If people want to be optimistic, maybe say, we have a lot of money in theory and/ Or potential fundraising, beyond all needs, but in the end, the real world doesn't always turn out as expected. I don't want to give any confidence in what's going to happen in the future, nor do I want to imply the odds of anything being successful. But for the next week, that will be my top priority. Funding could end up being a joint FTX International + FTX US injection, but I don't want to sound too confident on that front yet.

As part of the above potential financing, we have held talks with Justin Sun (as tweeted reported), details will be announced soon.

Ryne Miller and Zach Dexter have been responsible for the day-to-day operations of FTX US and are following the Prioritize planning matters. Gary, joven, Dan Chapsky and I will make sure we prioritize helping those who need us most, feel free to reach out! For Bahamas operations, ask Ceri Howells; for funding, ask Constance; as far as FTX's long-term vision is concerned, many people must be involved, but the current priority will be scheduled for next week.

Obviously we are now communicating with external parties; everyone. Especially the whole VIP and CS (Computer Science) team who have more or less had the toughest job in the world this past week.

About Binance: I shouldn't laugh at them, so I choose with reservations here, I just Wanted to say: maybe Binance never planned to actually do trading, but anyway, we gotta do our job. Still, I am very grateful to everyone who worked hard for it.

On the operational side: Our engineering team will maximize the fulfillment of requirements. New account registrations will be stopped, so we won't be doing a lot of KYC this week. Collectively, these efforts require sector-by-sector engagement. I need to spend more time writing a more detailed summary, and will also provide more detailed information, including: (a) a detailed explanation of exactly what happened and what went wrong; (b) the management structure and leadership going forward; (c) a public response article and (d) dealing with the company's payroll, etc.

Finally, I fully understand that this is a difficult time for everyone and I I'm really, really sorry. I also understand that everyone has their own ideas about what is the right decision for the company to do.

Over the next week, at least the above is our roadmap (at least for FTX International in terms of). I would love for each of you to be there and fight with us. But I also totally understand that it's stressful, and you guys might disagree with me. I'm totally fine with both, and I respect you all, no matter what -- but we do need to be in this together.

So if you want to quit or find another way out, I will not stop you.

< p>