The disgraced former CEO of the collapsed cryptocurrency-trading platform said he didn’t realize how large and risky the platform’s margin position was, saying he’s “deeply sorry” but that “when sh—y things happen to us, we all tend to make irrational decisions.” The letter was first reported by CoinDesk. (CoinDesk, Semafor)

Talking point: Is it too late now to say sorry? Yes, according to one FTX employee, who told CNBC “it’s too little too late.” This is the second expletive-laden apology from Bankman-Fried, who tweeted he was “sorry,” “f—ed up” and “should have done better” the day before filing for bankruptcy and stepping down. Bankman-Fried didn’t address allegations about the misuse of customer funds or inappropriate loans to related parties, including himself. Fear is growing about the possibility of contagion from FTX’s collapse to other companies in the crypto sector, including the digital asset brokerage Genesis, its related crypto platform Gemini and crypto lender BlockFi. The Ontario Teachers’ Pension Plan last week said it has written down the value of its US$95 million investment in FTX to $0.