Inside FTX: Jokes about misplaced funds, diabolical IT, poor oversight, and worse
To make matters worse, the report claims that when high-ranking officials in the company attempted to impose oversight structures or rules for delegation of authority, some were rebuffed and others fired outright. Things were so bad that"at the time of the bankruptcy filing, the FTX Group did not even have current and complete lists of who its employees were," the report concluded.
FTX also lacked any form of internal policies, necessitating a scramble to"cobble together purported policies that could be shown to auditors" in late 2020. The FTX Group also lacked any enterprise resource planning software, instead relying on QuickBooks and"a hodgepodge of Google documents, Slack communications, shared drives, and Excel spreadsheets and other non-enterprise solutions to manage their assets and liabilities.
Some of the extensive deficiencies included storing"virtually all funds" in hot wallets, those being cryptocurrency wallets effectively connected to the internet and not isolated from potential theft. Private keys to FTX Group crypto assets were stored in a mix of"over one thousand [AWS] servers and related system architecture."
All of its compounding management failures, the debtors said, placed customer assets and funds at risk"from the outset." The report states that FTX's liquidators have recovered and secured approximately $1.4 billion of crypto-assets and have identified an additional $1.7 billion they are still working to recover.in a press release, and additional reports are expected as Chapter 11 bankruptcy processes involving the company continue.
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