The new CEO of FTX states that FTX had no accounting department. lol. > “The Debtors do not have an accounting department,” Ray wrote, stating he expected it would be “some time” before reliable financial statements could be prepared.
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FTX used corporate funds to purchase employee homes, new filing shows
31–40 of 451 posts
Re: FTX used corporate funds to purchase employee homes, new filing shows
#32This is the kind of theft that puts people in prison fast. It will take years to untangle the whole financial mess, but buying a house with company funds right before a bankruptcy is easy to explain to a jury.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#33Earlier quoted context omitted.
Can't make this stuff up. https://www.coindesk.com/business/2022/11/11/meet-the-metave...
>“I don’t know anything about FTX,” said Jerry Eitel, the partner emeritus and chief metaverse officer at Prager Metis. “I’m retired,” Eitel added, before disconnecting on the phone. (Eitel is a one-time CoinDesk contributor.) The head of Prager Metis’ audit practice could not be reached for comment. Wow Another Simpsons did it first moment ( https://frinkiac.com/img/S07E15/318918.jpg )
Chief metaverse officer sounds like a position in the counsel of ricks.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#34Earlier quoted context omitted.
I want that XLSX file. I want to print out that spreadsheet for my bedsheet. It's a work of art; it should be hung in every office in the country as a reminder.
Here it is! https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6c...
What is TRUMPLOSE lol
Re: FTX used corporate funds to purchase employee homes, new filing shows
#35Re: FTX used corporate funds to purchase employee homes, new filing shows
#36This whole mess makes me wonder, what if they did everything right, with proper accounting and compliance practices etc.? Would we have ended up with a successful crypto business that would advance the whole field forward? Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?
> Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?
Coinbase is about the least exciting exchange out there. They don't offer the derivatives, futures, and leverage the others do and are very slow to add any new tokens or coins. They don't fly as high and fast as others, but there was never a high chance of crashing and burning. Now that they are public it's even lower. The company itself may flounder and crypto may tank, but I doubt there's a safer place for customer deposits outside of holding the keys yourself.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#37This whole mess makes me wonder, what if they did everything right, with proper accounting and compliance practices etc.? Would we have ended up with a successful crypto business that would advance the whole field forward? Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?
I haven't been following coinbase too closely, is there any visibility into their finances?
They are a public company traded on NASDAQ, so there's more visibility than just about anyone else.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#38This whole mess makes me wonder, what if they did everything right, with proper accounting and compliance practices etc.? Would we have ended up with a successful crypto business that would advance the whole field forward? Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?
I haven't been following coinbase too closely, is there any visibility into their finances?
Yes, as a publicly-traded company.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#39Earlier quoted context omitted.
Here it is! https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6c...
Will somebody please do a Benford's law on this one? I am too busy counting my virtual coins. https://en.wikipedia.org/wiki/Benford%27s_law
I don't think you even need Benford's law - "Hidden, poorly internally labled 'fiat@' account" has to trigger some more fundamental law.
Re: FTX used corporate funds to purchase employee homes, new filing shows
#40Earlier quoted context omitted.
Nah. They have already siphoned enough money through shell companies to buy many houses. International money trails are almost impossible to disentangle.
They’re not impossible any more and with this getting so much press and the US government likely looking to make an example of SBF, look to get a very detailed trail of where all the $ went. I mean, do you really think, factoring in that he had no accountants and no compliance at all, that he somehow had some of the best money launderers and embezzlers in the world? I highly doubt it, it was probably as amateur as th…
> the US government likely looking to make an example of SBF.
Considering the silence from top officials, I don't think this is going to be true. Don't forget he donated ~$50M to the democrats for the mid-terms and was the second biggest dem donor.