HomeNews9 Most Craziest Revelations From FTX's Bankruptcy Filing

9 Most Craziest Revelations From FTX’s Bankruptcy Filing

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Image for article titled Missing Employees, a Billion-Dollar Loan, and Emoji Payments: The 9 Most Batshit Revelations From FTX's Bankruptcy Filing

Photograph: Alex Wong (Getty Pictures)

As soon as upon a time, the cryptocurrency change FTX was a jewel of the web3 world. Now, within the span of per week, its popularity has remodeled from taking pictures star to sinking ship. After admitting to mismanaging massive quantities of buyer cash, the change’s founder and CEO, Sam Bankman-Fried (additionally recognized by his initials “SBF”) ignominiously stepped down, and the corporate filed for chapter. Now, because the mud settles and the air clears, the adults within the room are attempting to choose up the items and work out simply how screwed the corporate and all its traders are.

A current chapter submitting, revealed Thursday by the change’s new CEO, John Ray III, could assist with that. Whereas the doc offers extra context on what’s been taking place with the imploding change, it additionally offers some leisure as a result of, whoo boy, it’s completely insane.

The submitting reveals the inside workings (or lack thereof) of the change, giving a peek into the weird monetary practices and choice making that went on underneath SBF’s management. For an organization that was as soon as thought of to be the rising star (and potential savior) of the crypto business, FTX apparently ran itself like a ship of drunken sailors, foregoing frequent and established record-keeping practices and fascinating in a slew of shady and ill-advised conduct.

“By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary info as occurred right here,” wrote Ray in his submitting. “This case is unprecedented.”

That’s actually saying one thing, given the truth that Ray presided over the restructuring of Enron, after the monetary large famously caved in on itself from corruption within the mid-2000s.

Hold that in thoughts—and recall that SBF advised Vox he regretted submitting for chapter—as you peruse the most important revelations from FTX’s court docket submitting.

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