Sam Bankman-Fried reportedly joked about losing track of assets worth millions of dollars
US Bankruptcy Court for the District of Delaware, alleged that the failed crypto empire was"tightly controlled by a small group of individuals," who"joked internally about their tendency to lose track of millions of dollars in assets."
In an internal communication cited in the report, Bankman-Fried once said FTX's sister company Alameda Research was"hilariously beyond any threshold of any auditor being able to even get partially through an audit." He said:"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'.According to the report, Alameda struggled to understand what its own positions were,"let alone hedging or accounting for them.
The document accused the individuals in charge of FTX and Alameda of showing"little interest in instituting an appropriate oversight or control framework." This inner circle reportedly included Bankman-Fried,
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