Insights into the downfall of FTX and Bankman-Fried's leadership.

Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, allegedly joked about losing track of as much as $50 million in assets at his now-defunct hedge fund Alameda Research, according to court papers. The report also criticised Bankman-Fried and his top lieutenants for their "hubris, incompetence, and greed". FTX collapsed after Bankman-Fried used customer funds to cover losses incurred by Alameda. The debtors allege that FTX executives used informal methods of communication to "document approvals". Bankman-Fried has pleaded not guilty to charges including money laundering, bank fraud, and wire fraud.