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FTX News: SBF “Joked Internally” About Losing Track Of $50 Mn

FTX News: A new report that was submitted as part of the ongoing investigation into the defunct cryptocurrency exchange FTX, reveals a laundry list of allegations that have been leveled against the company. The accusations include that top executives of the company laughed about losing track of millions of dollars, a culture that penalized anyone flagging potential problems, and the fact that they completely disregarded normal accounting principles.

Joked About Losing Track Of Funds

In a court filing made on Sunday, the management overseeing the bankruptcy proceedings of FTX alleged that Sam Bankman-Fried and other executives casually joked about losing millions of dollars worth of digital assets. This allegation comes as Bankman-Fried prepares to face a slew of federal fraud charges.

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According to the report, the top executives comprised of FTX co-founder Gary Wang and CEO Caroline Ellison of Alameda Research. The trio allegedly suppressed criticism, intermingled and misappropriated corporate and customer funds, deceived third parties about their business operations, and joked internally about their likelihood to lose track of assets worth millions of dollars — causing the FTX group to collapse as rapidly as it had grown.

Bankman-Fried’s FTX Fiasco

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Since the collapse of the crypto exchange, FTX’s creditors claim to have recovered over $1.4 billion in cryptocurrencies and identified an additional $1.7 billion in recoverable assets. In the course of their investigation, they have also unearthed multiple backstage details regarding how SBF ran the crypto empire behemoth. In addition, they claim that they are continuously obtaining “new information daily” which they intend to present in due time.

Bankman-Fried is currently facing thirteen federal criminal indictments, all of which he has vehemently refuted and pleaded not guilty to. However, on the other hand, CEO Caroline Ellison and co-founder Gary Wang have pleaded guilty to the charges related to Alameda and FTX back in December of 2022.