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The full text of the internal letter between FTX founder SBF and DCG founder Barry

2022-11-23 12:07:08Golden Finance

翻译 | GaryMa 吴说区块链


大家好,I feel sorry for what had happened.I feel sorry to all of you experience.I feel sorry for what happened to the user.

你为 FTX 付出了一切,Support the company and I.I don't want to let this happen,我愿意付出一切,As long as you can return to the past,重新来过.You are my family,But I was lost you,Our old house is a rack with a display of an empty warehouse.When I turned around and,No one can speak.I disappoint all of you,When things broke out,I can't communicate.面对压力、The leaks and the letter of intent to currency Ann,我愣住了,什么也没说.In the company for the development of the chaos,I forgot the most important thing.I am very much concerned about all of you,你们是我的家人,我很抱歉.我是 CEO,So I have a responsibility to ensure that FTX Maintain normal good operation.I wish we had more careful.I want to tell what has happened to do a better description,A I should have written best describe what I understand.

I will put together what happened recently,To do an approximate estimate,I have no complete data access,Can't get accurate answer.No matter how liquidity,I have put all the things under the mark-to-market,I believe that leads to collapse events include this month:

1、This spring market crash led to collateral value about 50%;

● 600 亿美元抵押品,20 亿美元负债;变成 300 亿美元抵押品,20亿美元负债

2、Most of the industry credit instantly dried up;

● 250 亿美元的抵押品,80 亿美元的负债

3、11 Month a centralized、Highly relevant crash,Lead to the value of collateral in a very short period of time again down about 50%,而在此期间,Liquidity is very little market for;

● 170亿美元抵押品,80亿美元负债

4、11 Month triggered a bank run by the same attacks

● 90亿美元的抵押品

5、When we put all the content integration crazily together,We found that the position is bigger than the background system shows,因为在 FTX Have a bank account before the old legal tender deposit deposit to Alameda 账户:

● 90亿美元的抵押品,80亿美元的负债

I never thought this would happen.I didn't realize the margin positions all size,Also didn't realize how super related collapse risk of.Loans and secondary sales is often used in the business of investment again,Not for a lot of personal consumption.

I deeply regret for my negligence.回想起来,I hope we do a lot of a lot of different things.如:

1、  Raise doubts over large margin position degree

2、  Check the collapse of the bank - related and at the same time run stress test scenarios

3、  更加小心 FTX The legal tender in the process

4、  The total deliverable assets、Total customer positions and other core indicators of risk for continuous monitoring of

All this does not change the fact,这对你们来说很糟糕,This is not your fault,我真的很抱歉.I will try my best to compensate you and customers,Even if it want to spend the rest of my life.But I fear that even as I also can't do.

I also want to thank those who give me put forward、I think now is the right advice,After they had to crash FTX The direction of the proposed.当然,你们是对的.我相信,一个月前,FTX Or a booming、A profitable innovation enterprise.这意味着 FTX 仍有价值,The value of this can be used to help everyone become more complete.We are very likely to raise a lot of money;After I signed the bankruptcy protection files about 8 分钟,Have the emergence of billions of dollars in potential interested in money.With the money and the company still owns billions of dollars in collateral and we received from other parties of interest,I think we may have to return to the customer and save a lot of value the enterprise.

当然,There must be some changes:Want to have more transparency,Want to have more control,Including the supervision of my own.但 FTX Is a very special,You are all to help achieve it.Everything happened is not your fault.We must quickly make very difficult decisions.I've experienced this kind of situation,I should know when bad things happen to us,We all tend to make irrational decision.出于绝望,Huge pressure to coordinate force all financial exchanges(Even including solvent entity)申请破产,Regardless of the other jurisdictions claim.I understand the pressure,And empathy;Many people are pushed to the challenging environment,This is usually not their fault.I reluctantly to yield to the pressure,Even though I should know more clearly;I wish I had listened to those who saw and still see the platform value,This is the faith with which I past and present.

Maybe there is still a chance to save the company.I believe there are billions of dollars from new investors real interest,Can be used to enable customers to be compensated.But I can't promise you anything would happen,Because this is not my choice.同时,I am glad to see that is taking some active measures to,如 LedgerX 被重新启动.

I thank you very much for many years as FTX 所做的一切,我永远不会忘记.



Dear shareholders,In the past week a lot of noise,I want to communicate directly with you,To clarify our DCG 的立场.

大多数人都知道 Genesis 的情况,But we first review the: Genesis Global Capital The loan business on Wednesday(11月16日)Suspended redemptions and new loans,After market turmoil triggered unprecedented withdrawal requests.这是 Genesis In the liquidity and duration mismatch problem.重要的是,These problems will not affect Genesis The spot and derivatives trading or custody business,These businesses will operate as usual.Genesis The leadership and the board of directors decided to employ financial and legal advisor,Companies are exploring all possible choices,以应对 FTX 的崩溃.

最近几天,有关 Genesis Global Capital 和 DCG Company loans between speculation.对于那些不知情的人来说,In the process of normal business,DCG 向 Genesis Global Capital 借款,With hundreds of encryption monetary investment company borrowing the same way. These loans are always on the basis of fair build,And according to prevailing market interest rate pricing.DCG 目前对 Genesis Global Capital Responsible for about 5.75 亿美元的债务,The debt will be 2023 年 5 月到期.These loans for funding opportunities,And for shareholders to repurchase from the employees DCG 股票,These deals are shareholders in a quarterly update highlighted in the.直到今天,I never sell my DCG 股票.

你可能还记得,有一张 11 The promissory note $will be 2032 年 6 月到期.正如我们在 2022 年 8 Month on a shareholder letter described in,DCG Step in and assume the Genesis 与 3AC Default correlation some responsibility.如 8 Month stated,As a result of these is now DCG 的负债,DCG At the creditors' committee on 3AC The liquidation of,And is for the interests of creditors to seek all remedies available to recover the asset.除了2023年5月到期的 Genesis Global Capital Company loans and long-term notes,DCG The only debt is a 3.5 $credit facility,来自以 Eldridge A small group of creditors, led by.

这么说吧:DCG Will continue to be the industry's leading builder,We are committed to speed up the development of better financial system the mission for a long time.We have withstood the secret before winter,Although this may feel more serious,But we will work together out of it,变得更强大.DCG 只筹集了 2500 The primary capital dollars,And we are this year's revenue is expected to reach 8 亿美元.

十年前的 2012 年,I bought the first COINS,And decided in this industry for a long time.2013 年,We set up the first currency trading company Genesis And the first currency fund,后来发展成为 Grayscale,Now is the world's largest digital currency asset management company.Foundry Runs the COINS of the world's largest mining pool,Decentralized infrastructure and is building the future.CoinDesk Is the industry's leading media、The data and the activities of the company,They made a surprising report in this encryption winter.Luno Is one of the world's most popular encryption purse,Industry leaders are also emerging market.tradedeblock Is building a seamless organization trading platform,HQ As the latest subsidiary,Is for digital assets entrepreneurs to build a life and wealth management platform.These subsidiaries are independent business,独立管理,照常运营.最后,Our portfolio of 200 Several companies and fund,We often was the founder of the best in the industry's first choice.

We thank you for your encouragement and support,以及对 DCG 的投资意向.If we decide to round,我们会通知你的.

Although the industry environment difficult,But I to encrypt monetary and chain blocks the potential of technology in the next few decades, as always, excited,DCG Determined to stay in front.


根据央行等部门发布“关于进一步防范和处置虚拟货币交易炒作风险的通知”,本文内容仅用于信息分享,不对任何经营与投资行为进行推广与背书,请读者严格遵守所在地区法律法规,不参与任何非法金融行为.Not for any virtual currency、The issue of digital collection related、Trade and financing, such as trade entry、指引、发行渠道引导等.吴说内容未经许可,禁止进行转载、复制等,违者将追究法律责任.

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