FTX's Troubles: From Lost Money to Emoji-Approved Expenses.
TL;DR
Internal communications from now-bankrupt crypto exchange FTX reveal that leadership had difficulty understanding their own positions and recordkeeping, making it nearly impossible to comply with normal financial controls. FTX founder and former CEO Sam Bankman-Fried saw this as a sign of success, describing Alameda, the company's recordkeeping system, as "hilariously beyond any threshold of any auditor being able to even get partially through an audit." However, the lack of proper recordkeeping ultimately led to FTX's downfall.
Topics:businesscryptocurrency#alameda#crypto-exchange#cryptocurrency#financial-controls#ftx#internal-communications
- FTX had a 'hilariously' hard time understanding its own problems Yahoo Finance
- SBF called Alameda “unauditable,” joked about losing track of $50 million Ars Technica
- New Bankruptcy Report Shows FTX Sucked at Cybersecurity Gizmodo
- FTX Lost Track of Its Money Bloomberg
- At FTX, Multimillion-Dollar Expenses Were Approved by Emoji The Wall Street Journal
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