A new lawsuit filed by FTX against its former C-Suite reveals that executives knew $8-10 billion were missing.
As John J Ray III and his team scramble to recoup as much value as possible for FTX creditors, new evidence of willful wrongdoings surface as the troves of disorganized information on FTX’s interior dealings are combed through.
FTX’s new management accuses SBF – who, in a show of hubris, had previously boasted that FTX is unauditable – of labeling customer funds as a liability, implying that these were comingled with FTX funds. “Alameda is unauditable. I don’t mean this in the sense of “a major accounting firm will have reservations about auditing it”; I mean this in the sense of “we are only able to ballpark what its balances are, let alone something like a comprehensive transaction history.[”] We sometimes find $50m of assets lying around that we lost track of; such is life.
FTX’s new management can only speculate just where those funds went – however, they definitely have some ideas, which were mentioned in the court document linked above.
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