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FTX Bankruptcy Filing Documents Revealing $400 Mln In Frozen Cash

1/10

WOW! FTX Bankruptcy filings were just released and it's even wilder than we thought! 😮

Here's a 🧵 breaking it down in simple English:

Crypto CryptoCrash BTC SBF SBF_FTX AlamedaResearch Thread

2/10 The filing shows AlamedaResearch (FTX's investment arm) gave SamBankmanFried

(SBF) a cool 1B personal loan - though others are reporting it was actually upwards of 3B

3/10 FTX used customer funds to buy its employees houses 🏠

4/10 FTX didn't keep a running record of its bank accounts or cryptocurrency - so no one never knew how much money the company had on hand at any given time!

5/10 AlamedaResearch was exempt from liquidations on FTX's trading platform. ​ Translation: the Alameda team could make super risky trades, without the system forcing them to pay up if they got in too deep 🤯

6/10 ​ FTX had built custom software to hide its misuse of customer funds

7/10 ​ Most company decisions were made using a chat service that automatically/periodically deleted message histories, hiding the trail of mismanagement and fraud

8/10

The day FTX filed for bankruptcy, there was 400M worth of unauthorized transfers made on the platform (most likely coming from inside the company) 👎

9/10

FTX didn't keep a list of employees, or their roles

10/10 Crypto deposited by customers wasn't tracked by FTX, it just went into one big pot with everything else!

Wild Stuff!!

Special thanks to Web3Daily for the breakdown 🙌

This post is based on this twitter thread.

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