FTX Bankruptcy – Assets Left…

The FTX bankruptcy filing yesterday shows how deep the fraud goes.

The exchange imploded last week with about 1M customer funds frozen.

FTX seems to have plenty of investments but there is no clear record of the company’s assets.

So still nobody really knows how much money is left.

There is not even a clear record how many employees FTX has or what they do.

It appears FTX misused customer funds to delay liquidations from Alameda Research, SBF’s trading firm.

And clearly $1B to $2B of customer funds are lost,

but a bigger problem is many of assets are illiquid so in reality not worth their book value.

SBF was found very active on Twitter explaining that he made mistakes and he’s very sorry for the losses.

Now it comes out that company funds were also used to purchase real estates in the Bahamas for employees and advisors.

On top of all that, SBF and senior executives paid themselves loans of at least $1.6B.

The mismanagement and fraud that took place here is frankly shocking.

#ftx #sbf #sambankmanfried