FTX's collateral tanked from $60 billion in the spring to $9 billion now, SBF reportedly told staff. This just about covers its liabilities of $8 billion.

• The founder of FTX sent a memo to staff explaining the exchange's downfall.

• The value of FTX fell by the end of the year. There are $8 billion of liabilities.

• He apologized to staff and said he was sorry.

FTX founder Sam Bankman-Fried sent a memo to company staff on Tuesday and gave his account of what happened in the lead up to the collapse.

According to a copy of the document obtained and reposted, Bankman-Fried said in a letter that FTX had around $60 billion in collateral and $2 billion in liabilities, but a market crash at the time halved the value of the collateral.

The value of the collateral tanked to around $25 billion as a result of the drying up of credit.

The value of the collateral crashed to $17 billion in November due to another crash. The value of the bank was decimated by a run on the bank. Bankman-Fried didn't give any information on what made up the assets and debts.

Bankman-Fried resigned as CEO after FTX filed for bankruptcy. The former CEO of FTX can no longer use the messaging platform, so a current employee shared his message to staff on Tuesday.

Bankman- Fried apologized to FTX staff in an email.

I didn't mean for this to happen, and I would give anything to be able to go back and do things over again, according to the letter.

Bankman-Fried did not address the issues raised by John J. Ray, such as security failures at the exchange, and allegations he transferred customer funds from FTX to his trading firm.

The Department of Justice is investigating the collapse of FTX. Bankman- Fried was interviewed by the police in the country.

Lawyers for FTX said at its first hearing that it could have millions of debts.

FTX didn't reply to Insider's request for comment immediately.

Business Insider has an article on it.