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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.

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“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”

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Environment

Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

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January 10, 2025

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Podcast: New Tesla Model Y unveil, Mazda 6e, Aptera solar car production-intent, more

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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the official unveiling of the new Tesla Model Y, Mazda 6e, Aptera solar car production-intent, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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Environment

BYD’s new Han L EV just leaked in China and it’s a monster

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January 10, 2025

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BYD's new Han L EV just leaked in China and it's a monster

BYD-Han-L-EV

The Chinese EV leader is launching a new flagship electric sedan. BYD’s new Han L EV leaked in China on Friday, revealing a potential Tesla Model S Plaid challenger.

What we know about the BYD Han L EV so far

We knew it was coming soon after BYD teased the Han L on social media a few days ago. Now, we are learning more about what to expect.

BYD’s new electric sedan appeared in China’s latest Ministry of Industry and Information Tech (MIIT) filing, a catalog of new vehicles that will soon be sold.

The filing revealed four versions, including two EV and two PHEV models. The Han L EV will be available in single- and dual-motor configurations. With a peak power of 580 kW (777 hp), the single-motor model packs more power than expected.

BYD’s dual-motor Han L gains an additional 230 kW (308 hp) front-mounted motor. As CnEVPost pointed out, the vehicle’s back has a “2.7S” badge, which suggests a 0 to 100 km/h (0 to 62 mph) sprint time of just 2.7 seconds.

BYD-Han-L-EV
BYD Han L EV (Source: China MIIT)

To put that into perspective, the Tesla Model S Plaid can accelerate from 0 to 100 km in 2.1 seconds. In China, the Model S Plaid starts at RBM 814,900, or over $110,000. Speaking of Tesla, the EV leader just unveiled its highly anticipated Model Y “Juniper” refresh in China on Thursday. It starts at RMB 263,500 ($36,000).

BYD already sells the Han EV in China, starting at around RMB 200,000. However, the single front motor, with a peak power of 180 kW, is much less potent than the “L” model. The Han EV can accelerate from 0 to 100 km/h in 7.9 seconds.

BYD-Han-L-EV
BYD Han L EV (Source: China MIIT)

At 5,050 mm long, 1,960 mm wide, and 1,505 mm tall with a wheelbase of 2,970 mm, BYD’s new Han L is roughly the size of the Model Y (4,970 mm long, 1,964 mm wide, 1,445 mm tall, wheelbase of 2,960 mm).

Other than that it will use a lithium iron phosphate (LFP) pack from BYD’s FinDreams unit, no other battery specs were revealed. Check back soon for the full rundown.

Source: CnEVPost, China MIIT

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Tenways’ new chain-drive CGO600 Pro e-bike returns to $1,399 low, ALLPOWERS New Year sale, Camplux water heater lows, Anker, more

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January 10, 2025

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Tenways' new chain-drive CGO600 Pro e-bike returns to ,399 low, ALLPOWERS New Year sale, Camplux water heater lows, Anker, more

Today’s Green Deals are closing out the week by headlining Tenways’ new 8-speed CGO600 Pro e-bike that is getting $118 in free gear while down at its $1,399 low during the brand’s New Year sale, with the other models seeing similar offers. We also have New Year savings from ALLPOWERS across a collection of power stations and bundle packages, with bonus gifts and extra 10% off promotions – all starting from $89. For folks struggling to enjoy shower time, Camplux’s 18kW and 27kW Electric Tankless Water Heaters sitting at their lowest rates from $240 for the time being. We also spotted a further drop in price on Anker’s SOLIX C200 DC 60,000mAh Power Bank Station to its all-time low of $100 too. Plus, all the other hangover Green Deals can be found in the links at the bottom of the page, like yesterday’s phase 2 of EcoFlow’s New Year sale, the $1,000 in savings on LG’s all-in-one washer/dryer combo, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tenways returns new 8-speed CGO600 Pro e-bike with free gear to $1,399 low in New Year sale ($500 off)

Tenways is wishing folks a happy 2025 by launching a New Year flash sale that is bringing back some Black Friday pricing while the month is still fresh, complete with price cuts and extra savings in promo code form. The most notable model benefitting from this sale is the new CGO600 Pro 8-speed chain-drive e-bike for $1,399 shipped, after using the promo code HAPPY2025TW at checkout to save the extra $200. This new model was released back in October carrying a $1,899 price tag, which cut down costs in the brand’s Black Friday and Christmas sales – first to the $1,399 low, next to $1,599. That same low price is returning again today for the second time, saving you $500. Tenways’ more veteran belt-drive CGO600 Pro e-bike is also down at $1,399 shipped, after using the promo code, its second-lowest rate sitting $100 above its Black Friday low. There are also extra savings for medical providers, military members, first responders, and teachers, with verification slashing an additional $150 off your purchase.

Ideal for folks who enjoy active cycling but also want the option for electric support, Tenways’ CGO600 Pro e-bike weighs in at just 37 pounds, making it very manageable in urban environments. You won’t find any throttle on this model, as the cut-down weight partly comes from the smaller 350W rear hub motor and 360Wh battery, which still provide significant support via four PAS levels (activated with a torque sensor) that cover your efforts for up to 53 miles on one charge, topping out at 20 MPH speeds.

As stated before, Tenways offers two drivetrain options for the CGO600 Pro e-bikes – either the Gates carbon belt drive for quieter operations or the new 8-speed Shimano drivetrain (which also gets the brand’s newest motor too). Aside from those big differences, you’ll enjoy the same features elsewhere on the bikes, with internally routed cables for a streamlined look, LED lighting, puncture-proof tires, Tektro dual-piston hydraulic brakes, and a compact OLED display for controls. You’ll also be getting $118 in free gear in the form of lightweight mudguards and a kickstand.

***Note: The prices below have had the additional $200 promo code factored in – but be sure to use it (HAPPY2025TW) at checkout to maximize savings!

Tenways New Year flash sale e-bike discounts:

  • CGO800S Step-Thru Commuter e-bike: $1,599 (Reg. $1,999)
    • 20 MPH for up to 53 miles
    • Turn-signaling and color display
    • comes with $227 in free gear
  • AGO X Step-Over Urban e-bike: $1,799 (Reg. $2,499)
    • 20 MPH for up to 62 miles
    • Shimano 10-speed drivetrain
    • comes with $307 in free gear
  • AGO T Step-Thru Premium e-bike: $2,499 (Reg. $2,699)
    • 20 MPH for up to 62 miles
    • Enviolo stepless shifting hub
    • comes with $178 in free gear
ALLPOWERS New Year power station sale

ALLPOWERS is helping folks prep for the rest of the year with its New Year sale through January 26 that is taking up to 48% off its backup power units, with orders also getting an additional 10% struck from the price thanks to the promo code AF2025 being used at checkout, as well as some bonus gifts. One of the brand’s best-selling solar generator packages, the R2500 Portable Power Station paired with a 200W solar panel has been dropped to $1,043.10 shipped, after using the promo code AF2025 at checkout for the additional 10% in savings. This combination would normally cost you $1,599 at full price, with this sale dropping it lower than we’ve ever seen direct from ALLPOWERS. While we have seen it go lower at third-party dealers over on Amazon, this is still a solid $556 in savings, dropping it amongst the lowest tracked rates there.

As we’ve seen with similar sales, aside from the 10% off promo code for your total order, ALLPOWERS is also giving away free gifts at certain thresholds while its New Year sale continues. You’ll receive a free 100W solar panel on orders over $1,800 or a free 200W solar panel on orders over $2,800.

Ready to cover your trips out of the home or even support appliances through blackouts, ALLPOWERS’ R2500 power station offers a 2,016Wh LiFePO4 capacity housed within a streamlined formfactor. It’s capable of power output up to 2,500W regularly through its 14 port options, able to peak up to 4,000W for larger appliance needs. There are four ways to recharge the unit’s own battery, with an AC wall outlet taking 1.3 hours to refill its capacity, or you can solar charge in 2 hours with its maximum 1,000W solar input connected. That timeframe can be cut down further to just one hour if you take advantage of its dual AC and solar capabilities, or you can hook it up to your car when you’re in a bind to fill it by the other means.

***Note: The additional 10% in savings has not been factored into the prices below, as the discount takes the percentage off your cart’s entire order – don’t forget to use the code AF2025 for the best prices!

ALLPOWERS best-selling New Year sale bundles:

ALLPOWERS best New Year sale power bank/station deals:

ALLPOWERS best New Year sale expansion power deals:

ALLPOWERS best New Year sale solar generator bundles:

ALLPOWERS New Year sale add-on deals:

Camplux electric tankless water heaters

Keep it steamy with Camplux’s 18kW and 27kW electric tankless water heaters at lowest prices from $240

Through its official Amazon storefront, Camplux is offering its 18kW Electric Tankless Water Heater at $239.99 shipped. This unit would normally cost you $350 at full price, with discounts often keeping prices above $280, aside from the one previous drop to the $240 low at the end of summer. Today’s deal is cutting $110 off the going rate, giving you a second chance at the lowest price we have tracked.

Nothing beats a nice hot shower, especially in the middle of winter. Camplux’s 18kW unit not only ensures things stay steamy, but its compact form factor ensures far less space is taken up compared to traditional water heaters. Once installed, according to Camplux, you won’t have to “wait more than 3 seconds to get plenty of hot water,” with the fast-heating low-consumption heating rods boasting “efficiency up to 99.8% and saving 60% water heating costs for your home.” There are plenty of safety protections built right in, like against overheating, anti-dry heating, water-electricity separation, and more. Do keep in mind though that it requires a minimum 0.66GPM water flow to activate, as well as two double-pole 40A breakers, a wire gauge of 2 x 8 AWG, and a 3/4-inch NPT connection.

Of course, depending on your home’s size and the number of people expected to use the shower, or even how many water sources will be supplied from the unit, you may want to consider something bigger. Right now, you can instead grab the Camplux 27kW model down at a new low of $259.99, a drop from its usual $450. Not only does it promise round the clock hot water delivery, but it’s also rated for multiple points of use over small models.

Anker SOLIX C200 DC power bank station

Anker’s new SOLIX C200 DC 60,000mAh power bank station falls to $100 low

Anker’s official Amazon storefront is offering a return to the best rate on its latest SOLIX C200 DC 60,000mAh Power Bank Station going for $99.99 shipped. Normally this newer model would run you $170 at its full rate, which has seen a few discounts since releasing a few months ago, the biggest of which saw a drop to the $100 low with Cyber Monday savings. With this deal coming in today, you’re getting another shot at its Cyber Monday pricing, saving you $70 as it returns to the lowest price we have tracked. It even beats out Anker’s direct website right now, where it is priced at $110.

Anker’s SOLIX C200 DC power bank station is a smaller and more compact version of the brand’s new C300 DC and AC models, coming in with a slightly smaller 60,000mAh/192Wh LiFePO4 capacity. It delivers up to 300W of output power to your devices through its five port options (two USB-As, one 140W USB-C, one 15W USB-C, one car port). You can refill the units own battery via three ways, with its 140W USB-C port giving you an 80% charge in 1.3 hours through a wall outlet, or you can utilize up to 100W of solar input or the car port for 80% in 1.6 hours.

You’ll also find the larger 90,000mAh C300 DC and C300 AC models matching their direct Anker discounts at Amazon for $180 and $200 at the moment. Not only are you getting the expanded 90,000mAh LiFePO4 capacity here, but they also come sporting different variations of built-in lights for camping trips. You can get the full rundown on its other capabilities in our launch coverage here.

Best New Year e-bike deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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