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History for I'm not your Bro...

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Posted November 18, 2022 04:35 · last edited November 18, 2022 05:34

paulm
The stuff coming out of the bankruptcy filing is straight-up insane 
- FTX "lent" SBF 1 billion for personal use (and that after he styled himself as an overly generous philanthropist)
- FTX used customer funds to buy houses for employees
- Didn't even hold a list of employees and what they did
- Did not keep any books or records of digital assets
- Alameda Research exempted from auto-liquidation on FTX
- Built software to hide misuse of customer funds
- $400m in unauthorised transfers on the day they filed for bankruptcy
- Billions in non-crypto investments but no books or records of any of it
- SBF made all business decisions on apps that auto-deleted after time, and encouraged all employees to do the same
Yep.. when the the new CEO (John Ray lll) who oversaw the Enron bankruptcy says "Never in my career have I seen such a complete failure of corporate controls & such a complete absence of trustworthy financial information as occurred here." its gotta be bad:-)

This whole thing is unbelievable....


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Unknown editor edited November 18, 2022 05:34
paulm
The stuff coming out of the bankruptcy filing is straight-up insane 
- FTX "lent" SBF 1 billion for personal use (and that after he styled himself as an overly generous philanthropist)
- FTX used customer funds to buy houses for employees
- Didn't even hold a list of employees and what they did
- Did not keep any books or records of digital assets
- Alameda Research exempted from auto-liquidation on FTX
- Built software to hide misuse of customer funds
- $400m in unauthorised transfers on the day they filed for bankruptcy
- Billions in non-crypto investments but no books or records of any of it
- SBF made all business decisions on apps that auto-deleted after time, and encouraged all employees to do the same
Yep.. when the the new CEO (John Ray lll) who oversaw the Enron bankruptcy says "Never in my career have I seen such a complete failure of corporate controls & such a complete absence of trustworthy financial information as occurred here." its gotta be bad:-)

This whole thing is unbelievable....

And as always, plenty to keep crypto twitter "entertained" with the family, political, regulatory ties between & the lifestyles/history's of some of the characters involved...lets just please hope the suppossed upcoming sex tape release of SBF & Caroline really is a completely false story!