A look at SBF's desperate efforts to raise $7B+ from Sequoia, Apollo, TPG, the Saudis, and others; FTX's internal accounting software hid FTX-Alameda transfers

As customers withdrew billions of dollars from crypto exchange FTX one frantic Sunday this month, founder Sam Bankman-Fried worked …

Reuters 2022-11-16

Discussion

@sbf_ftx @sbf_ftx on x
12) To the best of my knowledge, as of post-11/7, with the potential for errors: a) Alameda had more assets than liabilities M2M (but not liquid!) b) Alameda had margin position on FTX Intl c) FTX US had enough to repay all customers Not everyone necessarily agrees with this
@sbf_ftx @sbf_ftx on x
15) A few weeks ago, FTX was handling ~$10b/day of volume and billions of transfers. But there was too much leverage—more than I realized. A run on the bank and market crash exhausted liquidity. So what can I try to do? Raise liquidity, make customers whole, and restart.
@matthuang Matt Huang on x
We are shocked by the revelations about FTX, Alameda, and SBF.
@sbf_ftx @sbf_ftx on x
13) My goal—my one goal—is to do right by customers. I'm contributing what I can to doing so. I'm meeting in-person with regulators and working with the teams to do what we can for customers. And after that, investors. But first, customers.
@sbf_ftx @sbf_ftx on x
17) I know you've all seen this, but here's where things stand today, roughly speaking. [LOTS OF CAVEATS, ETC.] Liquid: -$8b Semi: +$5.5b Illiquid: +$3.5b And yeah, maybe that $9b illiquid M2M isn't worth $9b (+$1b net). OTOH—a month ago it was worth $18b; +$10b net. —
@sbf_ftx @sbf_ftx on x
16) Maybe I'll fail. Maybe I won't get anything more for customers than what's already there. I've certainly failed before. You all know that now, all too well. But all I can do is to try. I've failed enough for the month. And part of me thinks I might get somewhere.
@mrcustomsuit King G on x
FTX emergency term sheet haha https://twitter.com/...
@statelayer @statelayer on x
still zero comments from FTX on the **300M** stolen from it https://twitter.com/...
@sbf_ftx @sbf_ftx on x
18) Truth and Beauty
@sbf_ftx @sbf_ftx on x
14) My goal: a) Clean up and focus on transparency b) Make customers whole
@cryptovinco @cryptovinco on x
SBF has a new plan. He claims he wants to raise money to pay back old customers... This is the literal definition of a Ponzi Scheme. This guy just can't avoid being a scammer. https://twitter.com/...
@ldelevingne Lawrence Delevingne on x
“Staff initially remained calm. The finance team could still see ample assets on the book-keeping portal as of last week. About $10B in client deposits remained, with a $1.5B surplus to cover any further withdrawals...In reality, those funds were gone” 💸💸💸
@investmentshulk @investmentshulk on x
GONNA HIRE A GOOGLE SOFTWARE ENGINEER TO BUILD A BACKDOOR IN THE HULK FAMILY OFFICE BOOKKEEPING SOFTWARE FOR TRANSACTIONS DON'T WANT MRS. HULK FINDING OUT ABOUT. https://twitter.com/...
@adamscochran Adam Cochran on x
2/2 Seems he is just focused on a media game, or genuinely delusional about being able to raise funds on his own. Meanwhile hundreds of remaining staff are working tirelessly to try and move the remaining assets forward under the appointed liquidation CEO.
@adamscochran Adam Cochran on x
1/2 An FTX insider confirmed with me that SBF is cut off from most of the company and “out on his own”. He is not interacting with authorized personnel who are focused on extensive work in trying to move forward during the bankruptcy process.
@rwpusa Richard W. Painter on x
As former Treasury Secretary @LHSummers said, this looks a lot like Enron. Did federal regulators go easy on FTX because of their political connections? Special Report: FTX's Bankman-Fried begged for a rescue even as he revealed huge holes in firm's books https://www.reuters.com/…
@functi0nzer0 Laurence on x
They're laughing at you, anon https://twitter.com/...
@gbrl_dick Gabriel on x
chamath was so real for using retail investors as SPAC exit liquidity and then roasting SBF for fumbling the same bag. if you're going to do securities fraud you should at least get away with it
@0xfbifemboy @0xfbifemboy on x
people love to shit on a16z but... https://twitter.com/...
@coloradotravis @coloradotravis on x
How about we just start with “it wasn't supposed to be a bank” and see where the conversation goes from there? https://twitter.com/...
@crypto_bitlord7 @crypto_bitlord7 on x
Man's lost billions of our funds last week and today he wants a fresh start 🤦‍♂️ https://twitter.com/...
@firstadopter @firstadopter on x
“there was a secret Bankman-Fried kept from most other employees: he had dipped into customer funds to pay for some of his projects, according to company documents”
@ft__trading @ft__trading on x
1. Loses $8 billion of customer funds in less than a week 2. Steals $600 million and fleas the country 3. Gets caught 4. Apologizes 5. Tries to raise more money https://twitter.com/... https://twitter.com/...
@firstadopter Tae Kim on x
Reuters: “In presentations to investors, some of the same assets appeared simultaneously on the balance sheets of FTX and of Bankman-Fried's trading firm, Alameda Research - despite claims by FTX that Alameda operated independently.” https://www.reuters.com/...
@paleofuture Matt Novak on x
The way he describes SBF, as some kind of boy genius who maybe got into a little trouble, is just astounding https://twitter.com/...
@timccopeland Cope on x
look dude, i don't know who you are and all my btc was lost to ftx — but i will pay you everything i have left for you not to publish this https://twitter.com/...
@cz_binance @cz_binance on x
There are honest mistakes you can recover from. But once your credibility is gone, you are done.
@poordart @poordart on x
SBF calling every billionaire in the world Meanwhile, what's Kyle Samani doing? https://www.reuters.com/...
@statelayer @statelayer on x
SBF doesn't like when you say mean things to him 🙁 https://twitter.com/...
@rewkang Andrew Kang on x
@SBF_FTX One month ago these shitcoins would have the same 99% liquidity discount as they do today and there would also be no buyers for size for any price close to spot I know it, you know it, we all know it
@andr3w Andrew on x
“and restart.” sam treats people's livelihoods as merely part of an elaborate video game, as if it were simply another game of league of legends for him. but as anyone who plays knows, if you're ok with dying because you can just restart, all you are is a feeder https://twitter.c…
@epsilontheory Ben Hunt on x
Sam, you follow me so maybe you'll read this. Please stop tweeting. This is just delusional and makes me sad. Mark to market (M2M) does not mean what you think it means. https://twitter.com/...
@farokh @farokh on x
@SBF_FTX I think you meant to post this on LinkedIn
@neontaster Noam Blum on x
Man, there are some primo gems buried in SBF's tweet history. https://twitter.com/...
@adamscochran Adam Cochran on x
Can you imagine having seen this term sheet and thinking “Oh, yeah this seems right”? This is while they were tweeting that they had enough in funds to cover deposits right up until the bitter end... https://twitter.com/...
@koroushak Koroush AK on x
Everything SBF is posting is for his personal benefit. Either PR or legal reasons. There's 0 benefit in trying to interpret it.
@austen Austen Allred on x
“Hello yes my name is SBF and I'd like to raise $10 Billion.” “OK, what for?” “To pay people back for the last $10 Billion I made disappear.” “Ok, interesting, and what will our return be?” “...Say, you know anyone looking to put $20 Billion to work?”
@0xdoug Doug Colkitt on x
SBF's law: Whatever the next revelation about FTX is it's going to be worse than you thought even when you take into account SBF's law
@silvermanjacob Jacob Silverman on x
No acknowledgment that he allegedly diverted up to $10b to Alameda. Raise liquidity? How? He's no longer CEO. https://twitter.com/...
@fintwit_news @fintwit_news on x
@SBF_FTX FTX's biggest asset is $2.2 billion of a cryptocurrency called Serum. Serum's entire market cap is only $84 million. https://twitter.com/...
@mrchrisellis Chris Ellis on x
I'm loving this pivot to FTX being customer focussed https://twitter.com/...
@altcoinpsycho @altcoinpsycho on x
Just so we're keeping score Things @SBF_FTX hasn't clarified: 1) why ACH withdrawals never sent 2) why FTX US sent Alameda millions last week 3) why SBF filed for bankruptcy *BEFORE* saying FTX US is safe 4) why is SBF deleting tweets 5) his back-door code to bypass audits https:…
@autismcapital @autismcapital on x
FTX Insider shares a message from the company Slack https://twitter.com/...
@bitfalls @bitfalls on x
Looking at this thread, I came to the realization that I have absolutely no idea how the American justice system works https://twitter.com/...
@runemirqi @runemirqi on x
Sam wants to talk numbers, but nobody else wants to talk numbers with him, he lost that “privilege”. This is a typical detachment from reality syndrome, holding onto numbers, unable to connect with people on an emotional level, to face the pain and destruction he caused. https://…
@matthuang Matt Huang on x
The blow-up of FTX has caused some to question crypto's value. But the issues at FTX are precisely ones that decentralized finance can solve through increased transparency and security. Crises such as this one help to clarify the true merits of what we're all building towards.
@zerohedge @zerohedge on x
Also, hire much better lawyers https://twitter.com/...
@tree_of_alpha @tree_of_alpha on x
-Sbf still tweeting about “$5b semi-illiquid” when we all know it's worth $100m -MSM writing puff pieces about him and painting cz as the evil china man -zhu and kyle calmly tweeting like the big victims they are This is hell. We're in hell. You can't convince me otherwise.
@jason_howerton Jason Howerton on x
SBF wants to raise money from investors to pay back old investors. Amazing https://twitter.com/...
@219_eth @219_eth on x
Sam is clearly trying to act like this was all some leverage mistake. Like, bro, you sold people's bitcoin for ?????? and filled the hole with FTT, stfu, this isn't gonna fool anyone
@pdacosta Pedro da Costa on x
“One of Bankman-Fried's close aides tweaked FTX's accounting software. This enabled Bankman-Fried to hide the transfer of customer money from FTX to Alameda.” https://www.reuters.com/...
@harrygrobertson Harry Robertson on x
“One of Bankman-Fried's close aides tweaked FTX's accounting software... This led employees to believe wrongly that FTX was on a solid financial footing.” Great reporting by @AABerwick @ASenjourno @e_howcroft @ldelevingne https://www.reuters.com/...
@ashleevance Ashlee Vance on x
“At FTX, we ALWAYS put customers first after we put them last.” https://twitter.com/...
@rager @rager on x
“Restart” Delusional Sam thinks he can steal billions of customer's funds in the biggest Ponzi since Madoff and just go back to work like nothing happened https://twitter.com/...
@prestonjbyrne Preston Byrne on x
This term sheet reads like it was written by a child https://twitter.com/...
@punk6529 @punk6529 on x
this is just endlessly bizarre https://twitter.com/...
@elisamartinuzzi Elisa Martinuzzi on x
The most definitive account yet of how FTX founder Bankman-Fried became super rich super fast and then came crashing down @AABerwick @ASenjourno @e_howcroft @ldelevingne trawled through dozens of documents, interviewed insiders #mustread https://www.reuters.com/...
@andrewtghill Andrew Hill on x
Can't wait for the Netflix version of the meeting between SBF and his dad https://www.reuters.com/... https://twitter.com/...
@bitboy_crypto Ben Armstrong on x
WHAT IN THE ACTUAL F?!?!?! I told you he would do this. Mainstream media is helping with this narrative. Steps: 1. Unfollow SBF_FTX 2. Watch my show tomorrow for hard evidence he is a FRAUD & CRIMINAL I CANNOT believe I'm having to actually say this. https://twitter.com/...
@cobie @cobie on x
@SBF_FTX Man took 3 days to type “what H A P P E N E D” and then followed up writing meaningless platitudes about stuff we already know
@johnedeaton1 John E Deaton on x
One of the reasons this delusional sociopath believes he can start over is b/c of people like @kevinolearytv saying he would take his call or agree to back him again.🤮 The other reason is b/c wealthy politically connected people don't fear prison. We must make an example of him. …
@peter_tl Peter Thal Larsen on x
“Staff initially remained calm. The finance team could still see ample assets on the book-keeping portal as of last week. About $10bn in client deposits remained, with a $1.5bn surplus to cover any further withdrawals. In reality, those funds were gone.” https://www.reuters.com/.…
@0x7d54 @0x7d54 on x
I wrote that we should stop giving SBF the attention he so clearly desperately seeks. I've been doing well on that but will briefly break here. It's absolute insanity to claim those illiquid SBF token ‘assets’ have $9b value. “Lots of caveats” = fraudulent, insane accounting. htt…
@nkulw Noah Kulwin on x
As your lawyer I advise you to keep tweeting https://twitter.com/...
@ivanthek @ivanthek on x
Meeting in-person with WHICH regulators? https://twitter.com/...
@fintechfrank Frank Chaparro on x
@SBF_FTX Are you still in FTX slack? Is new leadership okay with you remaining in slack? Do these statements represent your own opinion or that of John Ray and Ryne Miller et al?
@shitmgmtsays @shitmgmtsays on x
I think the common trait among the crypto kings, though, is that a number of them don't seem to think they're doing anything wrong. Do Kwon, SBF, the 3AC goons. They apologize, sure, but they also all cite unforeseeable circumstances, which led their stupid schemes to collapse ht…
@gearoidreidy @gearoidreidy on x
The US does create a lot more entrepreneurs that Japan it's true, but reading about an SBF “restart” I am starting to think the shame of failure is underrated https://twitter.com/...
@f_potkin Fanny Potkin on x
“To conceal the transfers of customer funds to Alameda, Wang, a former Google software developer, built a backdoor in FTX's book-keeping software, the people said”: https://www.reuters.com/...
@adamscochran Adam Cochran on x
1/17 This claim is nonsense. Luckily, blockchains let us do lookbacks. Here is the balances of FTX's two known hot wallets on November 3-4th, days before he suggest they were still “fine”. Combined $3B~ of which $1.4B is their own tokens. https://twitter.com/... https://t.co/tKIl…
@peckshieldalert @peckshieldalert on x
#PeckShieldAlert FTX Accounts Drainer has swapped 48.27M $DAI (~$48.36M) to 37.57k $ETH (~$47.69M) on Ethereum Arbitrary loss: -$671,424.25 FTX Accounts Drainer currently holds 228,523.83 $ETH (~$288M) and makes the address become the 35th largest holder of ETH https://twitter.co…
@dylanleclair_ Dylan LeClair on x
The FTX exploiter, who has been dumping all other drained assets for ETH, is now one of the largest holders in the world, with 228,523 ETH ($284.82m) currently in their wallet. Everyone should keep an extremely close eye on what happens next... https://twitter.com/...
@peckshieldalert @peckshieldalert on x
#PeckShieldAlert FTX Accounts Drainer 10 has bridged ~2,700 $ETH via Anyswap from BSC to ETH & transferred 2,697.38 $ETH ($3.3M) to FTX Accounts Drainer 1 FTX Accounts Drainer currently holds 235,392.44 $ETH (~$209.8M) & makes the address become the 34th largest holder of ETH htt…
@edzitron Ed Zitron on x
The great thing about crypto is you can follow the money in real-time as it goes through accounts called “ftx accounts drainer” and “cumsock dot eth” https://etherscan.io/... https://twitter.com/...
@peckshieldalert @peckshieldalert on x
#PeckShieldAlert In addition, FTX Accounts Drainer 9 has bridged ~2,000 $ETH via Anyswap from BSC to ETH and swapped ~2.7M $USDT for ~2,173 $ETH on Cow Protocol and then transferred 4,171.22 $ETH ($5.1M) to FTX Accounts Drainer 1 FTX Accounts Drainer 1: 235.4k $ETH & 8.2k $PAXG h…
@crypto_condom @crypto_condom on x
Serious question. The FTX drainer wallet is now the 36th largest holder of ETH. This much eth exceeds the anonymonity set of @TornadoCash.👀 Other than @kamikaz_ETH's idea, what is the point of converting funds to ETH when it can be tracked on chain & never cashed out? Thoughts? h…
@nachotrades @nachotrades on x
No trade to be taken from this, just sharing information. FTX accounts drainer is swapping their BNB for ETH the last 45 minutes. https://twitter.com/...
@milkyway16eth @milkyway16eth on x
Lmfao at the ftx hacker being the only stargate user 😝 https://twitter.com/...
@kamikaz_eth @kamikaz_eth on x
FTX Exploiter is TWAPing $48 million DAI into ETH in $3 million DAI chunks ahhh i'm frontrunningggg https://explorer.cow.fi/... https://twitter.com/... https://twitter.com/...
@certikalert @certikalert on x
#CertiKSkynetAlert 🚨 We have seen more movements of funds into FTX Wallet Drainer 1 (0x59AB) 0x59AB on BSC swapped ~34k BNB for ETH. EOA 0x29BD & 0x961BA receive the swapped ETH which is bridged to Ethereum. Both wallets transfer ~6.8k ETH into 0x59AB Stay vigilant! https://twitt…
@thedata_nerd @thedata_nerd on x
1 hour ago, FTX Account Drainer has swapped a total of 34k $BNB for 4,5K $ETH and 3M $BUSD. Overall, its portfolio sits at $322M, with 87.5% in $ETH. https://twitter.com/...
@dennis_porter_ Dennis Porter on x
Security doesn't exist on PoS if you can hack or exploit software to become the largest holder of the token. (Happening right now with Ethereum) You can't hack or exploit your way to 51% on PoW. This is why energy backed money matters. https://twitter.com/...
@thestalwart Joe Weisenthal on x
A crypto wallet connected to either a hacker of FTX inside job is now the 34th largest ETH holder https://www.theblock.co/...
@dylanleclair_ @dylanleclair_ on x
https://twitter.com/...
@peckshieldalert @peckshieldalert on x
#PeckShieldAlert FTX Accounts Drainer 0x961b has bridged 990,000 $BSC-USD ($990,990.00) via Stargate Finance: Bridge https://twitter.com/...
@lookonchain @lookonchain on x
FTX Accounts Drainer is the 35th holder of $ETH and the 10th holder of $BNB. He holds 228,524 $ETH($288M) and 108,454 $BNB($30M). 1.🧵 What will he do next? https://twitter.com/...
@otteroooo @otteroooo on x
FTX high profile rugger living large on Ethereum politicians will cry for justice censor the rugger, censor the chain! oh wait... the chain can indeed be censored what's the point of this Blockchain again? Ethereum should rename to “slow excel” one and the same now 🦦 https://twit…
@arkhamintel @arkhamintel on x
The FTX Accounts Drainer still holds over 74,000 BNB on the BSC Network. In the past 2 hours, the attacker has bridged over 34,000 BNB equivalent back to the ETH network to their main account, while avoiding blacklisting. Their method for transferring the BNB is as follows: https…
@autismcapital @autismcapital on x
A source inside FTX shares the alpha on stimulants within the organization: https://twitter.com/...
@autismcapital @autismcapital on x
EXTRA CONFIRMED: The stimulant patch that Sam preferred was EMSAM, a drug normally used to treat depression or Parkinson's, but used off-label for its alertness and focus benefits. https://twitter.com/...
@autismcapital @autismcapital on x
We've received confirmation that Sam's drug was actually Emsam. It is a drug normally used to treat Depression and Parkinson's disease but also gives performance enhancing and wakefulness effects. https://twitter.com/...
@moonoverlord @moonoverlord on x
I'm honestly shocked nobody whistleblew and said what was going on in the Bahamas If you alone told me he had a $40 million dollar penthouse I would have been screaming from the rooftops this guys a fraud and it's BS CT was in the dark
@vydamo_ Yung Dot on x
So Sam was taking Parkinson's medication and he also shakes uncontrollably. Is it possible he just actually has Parkinson's and wasn't riddled on a concoction of other drugs making him shake? https://twitter.com/...
@stephenjudkins Stephen Judkins on x
I strongly suspect use of various behavior-altering drugs will ultimately explain a lot of recent aberrant behavior of powerful people https://twitter.com/...
@sasuke___420 @sasuke___420 on x
this is actually super weird because Scott Alexander already has a post about which stimulant is the best https://twitter.com/...
@davidgerard @davidgerard on x
FTX is so weird that I am going to point you at a Slate Star Codex article, in which Scott Siskind writes actually in the area of his professional expertise https://astralcodexten.substack.com/ ...
@avi_eisen Avraham Eisenberg on x
Reading this and preparing a defense that drinking coffee, a stimulant, shifted risk curves https://astralcodexten.substack.com/ ...
@iamdcinvestor @iamdcinvestor on x
this was SBF's & Caroline's brains: 🧠 this is their brains on amphetamines: 🍳 this is your portfolio: 0️⃣ any questions?
@telmudic @telmudic on x
SBF on so many stims here https://twitter.com/...
@minds0n @minds0n on x
imagine how things would've gone if this was common knowledge https://twitter.com/... https://twitter.com/...
@totlsota @totlsota on x
what everyone thought: “Alameda Research probably made >$15 billion dollars” what was likely: “Alameda Research probably lost >$15 billion dollars” sign-flips of comprehension on that scale are real humbling how wrong we can be guard & scrutinise what you let in your mind https:/…
@newriverinvest @newriverinvest on x
this is an absolutely bonkers read and i can't attest to its veracity bc i am so far from crypto but it reads as internally-consistent and plausible and there's not a lot of reaching. it feels a lot like what, to an uninformed outsider, reads like a very good estimate of events. …
@sunjeevbery Sunjeev Bery on x
Where did all the billions go? A fascinating and obscure blog post attempting to describe what happened at FTX and Alameda under Sam Bankman-Fried. “hardly unsurprising if he indeed was actually operating as a mildly brain-addled compulsive gambler.” https://twitter.com/...
@stevehouf Steve Hou on x
Excellent almost forensic investigation and accounting of the mind-boggling losses accumulated by FTX/Alameda by @0xfbifemboy https://twitter.com/... https://twitter.com/...
@macrocephalopod @macrocephalopod on x
Incredible that the most complete and internally consistent account of what happened at FTX/Alameda to date is not the NYT or WSJ or the FT but the blog “milky eggs dot com” written by user “fbi femboy” https://twitter.com/...
@jaimin_building @jaimin_building on x
Best account I've read so far. On SBF, Alameda and how FTX ended up creating this shitshow It's clear that FTX was a ticking time bomb. Even if CZ had no idea, the longer the malpractice went, the worse it would have got. https://milkyeggs.com/?p=175
@mrjasonchoi Jason Choi on x
12/ Namely, Alameda moved AWAY from delta-neutral strategies as their edge eroded and began to assume massive directional risks in crypto. They did so on massive amounts of leverage as well. A detailed, subjective account here for you to bookmark: https://milkyeggs.com/?p=175
@0xfbifemboy @0xfbifemboy on x
Note: This is by and large a compilation of known information from public & private sources that tries to organize it into something resembling a patchwork narrative with enough coherence to explain FTX & Alameda's huge losses. The hard work is thanks to others, not from me!
@0xfbifemboy @0xfbifemboy on x
In response to the New York Times' shameful coverage of the thief and liar Sam Bankman-Fried, Milky Eggs is here to Correct the Record: https://milkyeggs.com/?p=175
@libevm @libevm on x
Big if true https://twitter.com/...
@friscojosh Josh Hermsmeyer on x
This is an unverified but IMO credible accounting of what may have gone down at FTX. It ain't pretty. Incompetent management, negative EV algo trading, chasing number goes up, drug abuse, general degeneracy. https://milkyeggs.com/?p=175
@paulbohm Paul Bohm on x
The most thorough account of what happened at FTX/Alameda to date: https://milkyeggs.com/?p=175
@smdiehl Stephen Diehl on x
So to get this straight, the people involved in the FTX scam were all holed up in their Bahamian frat house, in a polycule banging each other, embezzling money while cracked out of their minds on amphetamines. Buckle up, the Netflix series is going to be UNHINGED. https://twitter…
@velocitywong Wailin Wong on x
So many 😱 details in this piece, which opens with an anecdote of an exec vomiting. The NYT said a Twitter manager threw up when told to fire people. I'm not a management genius but maybe don't run companies in a way that make people 🤮 on the spot? https://www.wsj.com/... https://…
@gunjanjs Gunjan Banerji on x
One FTX executive vomited when he learned that the crypto exchange was missing billions of dollars of customer money. A company lawyer quit via a harsh text message to SBF. A top salesman saw most of his wealth evaporate overnight. https://www.wsj.com/... via @WSJ
@davidkeo David Keohane on x
“One employee said he submitted his resignation to his boss, only for the boss to say he had already resigned himself.” https://twitter.com/...
@niubi Bill Bishop on x
One FTX executive vomited when he learned that the crypto exchange was missing billions of dollars of customer money. A top salesman who had bet big on FTX equity saw most of his wealth evaporate overnight. https://www.wsj.com/... via @WSJ
@dannygroner Danny Groner on x
“One FTX executive vomited when he learned that the crypto exchange was missing billions of dollars of customer money.” Big week for tech workers vomiting. https://www.wsj.com/...
@shwinyo Ashwin Rodrigues on x
the guy who “appeared to be a paragon of ethics in an industry plagued by scams” was actually just a frumpy Madoff. not sure what the next move is here https://www.wsj.com/...
@daviduberti David Uberti on x
Ineffective altruism https://www.wsj.com/... https://twitter.com/...
@aosipovich Alexander Osipovich on x
“All I could think of was rage and white-hot anger.” FTX employees grapple with feelings of betrayal, financial ruin after crypto exchange's collapse. With @ceostroff and @Gzuckerman https://www.wsj.com/...

Chronicles

A look at SBF's desperate efforts to raise $7B+ from Sequoia, Apollo, TPG, the Saudis, and others; FTX's internal accounting software hid FTX-Alameda transfers

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