Highlights from a FT journo covering the filings:
https://twitter.com/kadhim/status/1593246720686981123
Quote:
Sam Bankman-Fried's hedge fund lent billions to... Sam Bankman-Fried
FTX says the "fair value" of all the crypto that FTX international holds is a mere $659K!
Remember that SBF has been marking it at $5.5bn
FTX says that Bankman-Fried didn't include customer liabilities in FTX's financial statements (!)
"The FTX Group did not maintain centralized control of its cash. Cash management procedural failures included the absence of an accurate list of bank accounts and account signatories"
corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors
"what may be very substantial transfers of Debtor property in the days, weeks and months prior to the Petition Date"
FTX, FTX US and Alameda "do not have an accounting department"
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