The people handling FTX’s bankruptcy say the exchange was so mismanaged they needed to recreate its books from Slack and Google docs records.
The 43-page document shares that there’s a lot of problems trying to get millions of former FTX customers and investors their money back since there was a “lack of appropriate record keeping and controls” in its finances, accounting, governance, and even cybersecurity. The company has had to resort to looking through former execs’ QuickBooks, Google docs, spreadsheets, and Slack records to get any insight into where the hell customers’ money went.
keeping was “so poor” that one document described how employees should “come up with some number, idk” for some crypto token valuations. Bankman-Fried, who often goes by SBF online, was quoted in internal communications saying “we are only able to ballpark what [Alameda’s] balances are… we sometimes find $50 million of assets lying around that we lost track of; such is life.”
According to the filing, the people handling the crypto exchange’s bankruptcy said the exchanges former execs were novices who “stifled dissent, commingled and misused corporate and customer funds, lied to third parties about their business, joked internally about their tendency to lose track of millions of dollars in assets, and thereby caused the FTX Group to collapse as swiftly as it had grown.
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