SBF said he was “real lazy about this mental math” while running FTX into bankruptcy.
Math doesn’t seem to be the MIT graduate’s strength.
In a section labeled, “What I *thought*,” Bankman-Fried lists $8.9 billion in debts against nearly $28 billion in assets — $9 billion of which were purportedly “liquid.” In another section with the actual numbers, FTX had $8 billion less in liquid assets than Bankman-Fried had claimed. The report highlighted the extent to which finances for FTX and Alameda were intermingled just before the company fell into bankruptcy. Last month, Reuters reported that Bankman-Fried had secretly transferred $10 billion in FTX client funds to prop up Alameda Research’s risky bets.where he, his ex-lover Caroline Ellison and a small group of roommates ran FTX and Alameda Research. Ellison served as CEO of Alameda until its meltdown.
FTX’s weak accounting practices under Bankman-Fried and his allies have drawn sharp criticism from the company’s new leadership in bankruptcy court filing.
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