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Sam Bankman-Fried, co-founder and CEO of FTX, in Hong Kong, China, on Tuesday, May 11, 2021.

Lam Yik | Bloomberg | Getty Images

FTX’s ex-CEO Sam Bankman-Fried blamed his “irrational decisions” on “sh—y” circumstances in a letter obtained by CNBC that was sent to employees of the bankrupt crypto exchange.

Bankman-Fried said he “froze up in the face of pressure and leaks” as his crypto empire quickly lost investor confidence and customers rapidly withdrew billions of dollars from the platform.

“I lost track of the most important things in the commotion of company growth. I care deeply about you all, and you were my family, and I’m sorry,” continued the letter.

“It’s too little too late,” a current FTX employee told CNBC. “I’ve never seen an empathetic version of Sam, so I can’t imagine he’ll change his tune now.” 

Bankman-Fried did not immediately respond to a request for comment.

The Bankman-Fried post-mortem to employees outlines the ex-CEO’s take on the events that led to FTX’s ultimate downfall, along with an approximated accounting. The crypto exchange went from a $32 billion valuation to filing for Chapter 11 bankruptcy protection in about a week.

Even as Bankman-Fried accepted blame for the course of events, he still appeared convinced that he was close to saving his crypto empire in the final hours before it entered Chapter 11 bankruptcy protection.

“We likely could have raised significant funding; potential interest in billions of dollars of funding came in roughly eight minutes after I signed the Chapter 11 docs,” wrote Bankman-Fried.

“Between those funds, the billions of dollars of collateral the company still held, and the interest we’d received from other parties, I think that we probably could have returned large value to customers and saved the business,” continued the letter.

Read the full letter from Bankman-Fried below.

Read Bankman-Fried’s full letter

“Hi all—

I feel deeply sorry about what happened. I regret what happened to all of you. And I regret what happened to customers. You gave everything you could for FTX, and stood by the company—and me.

I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family. I’ve lost that, and our old home is an empty warehouse of monitors. When I turn around, there’s no one left to talk to. I disappointed all of you, and when things broke down I failed to communicate. I froze up in the face of pressure and leaks and the Binance LOI and said nothing. I lost track of the most important things in the commotion of company growth. I care deeply about you all, and you were my family, and I’m sorry.

I was CEO, and so it was my duty to make sure that, ultimately, the right things happened at FTX. I wish that I had been more careful.

I want to give you a better description of what happened—one I should have written out as best I understood it much earlier.

Piecing things together recently, making approximations—I don’t have full data access right now to get precise answers—and marking everything to market, regardless of liquidity, I believe that the events that led to the breakdown this month included:

1) A crash in markets this spring that led to a roughly 50% reduction in the value of collateral;

a. ~$60b collateral, ~$2b liabilities -> ~$30b collateral, ~$2b liabilities

2) Most of the credit in the industry drying up at once;

a. ~$25b collateral, ~$8b liabilities

3) A concentrated, hyper-correlated crash in November that led to another roughly 50% reduction in the value of collateral over a very short period of time, during which there was very little market bid-side liquidity;

a. ~$17b collateral, ~8b liabilities

4) A run on the bank triggered by the same attacks in November;

a. ~$9b collateral

5) As we frantically put everything together, it became clear that the position was larger than its display on admin/users, because of old fiat deposits before FTX had bank accounts:

a. ~$9b collateral, ~$8b liabilities

I never intended this to happen. I did not realize the full extent of the margin position, nor did I realize the magnitude of the risk posed by a hyper-correlated crash. The loans and secondary sales were generally used to reinvest in the business—including buying out Binance—and not for large amounts of personal consumption.

I deeply regret my oversight failure. In retrospect, I wish that we had done many many things differently. To name a few:

a) being substantially more skeptical of large margin positions

b) examining stress test scenarios involving hyper-correlated crashes and simultaneous runs on the bank

c) being more careful about the fiat processes on FTX

d) having a continuous monitor of total deliverable assets, total customer positions, and other core risk metrics

e) Putting in more controls around margin management.

And none of this changes the fact that this all sucks for you guys, and it’s not your fault, and I’m really sorry about that. I’m going to do what I can to make it up to you guys—and to the customers—even if that takes the rest of my life. But I’m worried that even then I won’t be able to.

I also want to acknowledge those of you who gave me what I now believe to be the right advice about pathways forward for FTX following the crash. You were right, of course: I believe that a month earlier FTX had been a thriving, profitable, innovative business. Which means that FTX still had value, and that value could have gone towards helping to make everyone more whole. We likely could have raised significant funding; potential interest in billions of dollars of funding came in roughly eight minutes after I signed the Chapter 11 docs. Between those funds, the billions of dollars of collateral the company still held, and the interest we’d received from other parties, I think that we probably could have returned large value to customers and saved the business.

There would have had to be changes, of course: way more transparency, and way more controls in place, including oversight of myself. But FTX was something really special, and you all helped make it that. Nothing that happened was your fault. We had to make very hard calls very quickly. I have been in that position before, and should have known that when shitty things happen to us, we all tend to make irrational decisions. An extreme amount of coordinated pressure came, out of desperation, to file for bankruptcy for all of FTX—even entities that were solvent—and despite other jurisdictions’ claims. I understand that pressure and empathize with it; a lot of people had been thrust into challenging circumstances that generally were not their fault. I reluctantly gave in to that pressure, even though I should have known better; I wish I had listened to those of you who saw and still see value in the platform, which was and is my belief as well.

Maybe there still is a chance to save the company. I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole. But I can’t promise you that anything will happen, because it’s not my choice. In the meantime, I’m excited to see some positive steps being taken, like LedgerX being turned back on.

I’m incredibly thankful for all that you guys have done for FTX over the years, and I’ll never forget that.

—SBF”

Crypto lending company Genesis suspends withdrawals, reportedly considering bankruptcy

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EV with fake engine noises recalled for not having the correct fake engine noises

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EV with fake engine noises recalled for not having the correct fake engine noises

The Dodge Charger Daytona EV made headlines when it rolled out fake engine noises as a way to make the EV appeal to muscle car drivers. As it turns out, they weren’t the right sort of fake engine noises – and now Stellantis has to recall 8,000 of them for a fix.

According to the ChryCo fans at Mopar Insider, Stellantis is recalling ~8,390 examples of its 2024 to 2025 Dodge Charger Daytona EVs because of an exterior amplifier that may be missing critical enabling the amp to emit exterior sounds – including the Federally mandated pedestrian warning sounds designed to keep pedestrians safe.

What’s more, the recall’s “suspect period” reportedly begins on 30APR2024, when the first 2024 Dodge Charger Daytona was produced, and ends 18MAR2025 … when the last Charger EV was produced.

RECALL CHRONOLOGY

  • On April 17, 2025, the FCA US LLC (“FCA US”) Technical Safety and Regulatory Compliance (“TSRC”) organization opened an investigation into certain 2024–2025 model year Dodge Charger vehicles that may not emit exterior sound.
  • From April 17, 2025, through May 13, 2025, FCA US TSRC met with FCA US Engineering and the supplier to understand all potential failure modes associated with the issue. They also reviewed warranty data, field records, and customer assistance records to determine field occurrences.
  • On May 14, 2025, the FCA US TSRC organization determined that a vehicle build issue existed on certain vehicles related to a lack of EV exterior sound, potentially resulting in noncompliance with FMVSS No. 141.

MOPAR INSIDER

Without the software patch, the vehicles don’t comply with the requirements of Federal Motor Vehicle Safety Standards (FMVSS) No. 141, “Minimum Sound Requirements for Hybrid and Electric Vehicles.” The rule requires noisemakers for EVs and hybrids when operating under 19 mph, the safest speeds for pedestrians.

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Basically, if you have a Dodge Charger EV, expect to get a recall notice.

It just keeps getting funnier


My take on the Fratzonic Chambered Exhaust, via ChatGPT.

If you’re not familiar with the Charger Daytona EV’s “Fratzonic Chambered Exhaust,” it’s a system that employs a combination of digital sound synthesis and a physical tuning chamber (translation: a speaker) to produce a 126 decibel sound that approximately imitates a Hellcat Hemi V8 ICE. That’s loud enough to cause most people physical pain, according to Yale University – putting it somewhere between a loud rock concert and a passenger jet at takeoff.

While you could argue that such noises are part and parcel with powerful combustion, they’re completely irrelevant to an EV, and speak to a particular sort of infantile delusion of masculinity that I, frankly, have never been able to wrap my head around. Something akin to the, “Hey, look at me! I’m a big tough guy!” attention-whoring of a suburban Harley rider in a “Sons of Anarchy” novelty cut, without even enough courage to ride a motorcycle, you know?

You know – and I bet you can help me dial in the the comparison to perfection (and help me explain why the car just isn’t selling) in the comments section at the bottom of the page.

SOURCE: Mopar Insiders; featured image by Stellantis.


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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Kia’s electric van spotted with an open bed and it actually looks like a real truck

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Kia's electric van spotted with an open bed and it actually looks like a real truck

Is it an electric van or a truck? The Kia PV5 might be in a class of its own. Kia’s electric van was recently spotted charging in public with an open bed, and it looks like a real truck.

Kia’s electric van morphs into a truck with an open bed

The PV5 is the first of a series of electric vans as part of Kia’s new Platform Beyond Vehicle business (PBV). Kia claims the PBVs are more than vans, they are “total mobility solutions,” equipped with Hyundai’s advanced software.

Based on the flexible new EV platform, E-GMP.S, Kia has several new variants in the pipeline, including camper vans, refrigerated trucks, luxury “Prime” models for passenger use, and an open bed model.

Kia launched the PV5 Passenger and Cargo in the UK earlier this year for business and personal use. We knew more were coming, but now we are getting a look at a new variant in public.

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Although we got a brief glimpse of it earlier this month driving by in Korea, Kia’s electric van was spotted charging in public with an open bed.

Kia PV5 electric van open bed variant (Source: HealerTV)

The folks at HealerTV found the PV5 variant with an open bed parked in Korea, offering us a good look from all angles.

From the front, it resembles the Passenger and Cargo variants, featuring slim vertical LED headlights. However, from the side, it’s an entirely different vehicle. The truck sits low to the ground, similar to the one captured driving earlier this month.

Kia-electric-van-open-bed
Kia PV5 open bed teaser (Source: Kia)

When you look at it from the back, you can’t even tell it’s the PV5. It looks like any other cargo truck with an open bed.

The PV5 open bed measures 5,000 mm in length, 1,900 mm in width, and 2,000 mm in height, with a wheelbase of 3,000 mm. Although Kia has yet to say how big the bed will be, the reporter mentions it doesn’t look that deep, but it’s wide enough to carry a good load.

Kia-PV5-open-bed
Kia PV5 Cargo electric van (Source: Kia)

The open bed will be one of several PV5 variants that Kia plans to launch in Europe and Korea later this year, alongside the Passenger, Cargo, and Chassis Cab configurations.

In Europe, the PV5 Passenger is available with two battery pack options: 51.5 kWh or 71.2 kWh, providing WLTP ranges of 179 miles and 249 miles, respectively. The Cargo variant is rated with a WLTP range of 181 miles or 247 miles.

Kia-PV5-open-bed-pickup
Kia PBV models (Source: Kia)

Kia will reveal battery specs closer to launch for the open bed variant, but claims it “has the longest driving range among compact commercial EVs in its class.”

In 2027, Kia will launch the larger PV7, followed by an even bigger PV9 in 2029. There’s also a smaller PV1 in the works, which is expected to arrive sometime next year or in 2027.

What do you think of Kia’s electric van? Will it be a game changer? With plenty of variants on the way, it has a good chance. Let us know your thoughts in the comments below.

Source: HealerTV

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Solar and wind industry faces up to $7 billion tax hike under Trump’s big bill, trade group says

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Solar and wind industry faces up to  billion tax hike under Trump's big bill, trade group says

Witthaya Prasongsin | Moment | Getty Images

Senate Republicans are threatening to hike taxes on clean energy projects and abruptly phase out credits that have supported the industry’s expansion in the latest version of President Donald Trump‘s big spending bill.

The measures, if enacted, would jeopardize hundreds of thousands of construction jobs, hurt the electric grid, and potentially raise electricity prices for consumers, trade groups warn.

The Senate GOP released a draft of the massive domestic spending bill over the weekend that imposes a new tax on renewable energy projects if they source components from foreign entities of concern, which basically means China. The bill also phases out the two most important tax credits for wind and solar power projects that enter service after 2027.

Republicans are racing to pass Trump’s domestic spending legislation by a self-imposed Friday deadline. The Senate is voting Monday on amendments to the latest version of the bill.

The tax on wind and solar projects surprised the renewable energy industry and feels punitive, said John Hensley, senior vice president for market analysis at the American Clean Power Association. It would increase the industry’s burden by an estimated $4 billion to $7 billion, he said.

“At the end of the day, it’s a new tax in a package that is designed to reduce the tax burden of companies across the American economy,” Hensley said. The tax hits any wind and solar project that enters service after 2027 and exceeds certain thresholds for how many components are sourced from China.

This combined with the abrupt elimination of the investment tax credit and electricity production tax credit after 2027 threatens to eliminate 300 gigawatts of wind and solar projects over the next 10 years, which is equivalent to about $450 billion worth of infrastructure investment, Hensley said.

“It is going to take a huge chunk of the development pipeline and either eliminate it completely or certainly push it down the road,” Hensley said. This will increase electricity prices for consumers and potentially strain the electric grid, he said.

The construction industry has warned that nearly 2 million jobs in the building trades are at risk if the energy tax credits are terminated and other measures in budget bill are implemented. Those credits have supported a boom in clean power installations and clean technology manufacturing.

“If enacted, this stands to be the biggest job-killing bill in the history of this country,” said Sean McGarvey, president of North America’s Building Trades Unions, in a statement. “Simply put, it is the equivalent of terminating more than 1,000 Keystone XL pipeline projects.”

The Senate legislation is moving toward a “worst case outcome for solar and wind,” Morgan Stanley analyst Andrew Percoco told clients in a Sunday note.

Shares of NextEra Energy, the largest renewable developer in the U.S., fell 2%. Solar stocks Array Technologies fell 8%, Enphase lost nearly 2% and Nextracker tumbled 5%.

Trump’s former advisor Elon Musk slammed the Senate legislation over the weekend.

“The latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country,” The Tesla CEO posted on X. “Utterly insane and destructive. It gives handouts to industries of the past while severely damaging industries of the future.”

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