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[Music] the state of crypto is presented by Tron connecting the world to the power of cryptocurrency all right for our first story of the day Sam bankman freed is offering up a new Mia culpa in a letter shared internally in ftxs company slack and obtained by coindesk the former FDX CEO says he quote froze up in the face of pressure end quote as his crypto Empire collapsed joining us to discuss this is Nick day hes the managing editor of global policy and regulation at coindesk hey Nick how you doing hey good morning all right man so this letter uh was leaked yesterday there definitely was several things that stood out to me but I wanted to ask you what stood out about this latest Mia culpa from SBF its an interesting look at you know I think uh Sam bigman Freeds mindset he kind of gives an explanation for just how things fell apart the way they did but he very also noticeably does not address a lot of the uh more serious allegations that have come out over the last couple weeks he