FTX: Worse Than Enron!

Summary by Krater

Patrick Boyle discusses court filings detailing the corporate failures at FTX and Alameda Research under John Ray III, highlighting missing internal records, commingled funds, and a lack of oversight.

From the video

Answers: What do the court filings reveal about the collapse of FTX and Alameda Research?

• FTX bankruptcy
• Alameda Research
• John Ray III
• corporate governance
• crypto exchange insolvency

What it concludes

• FTX failed to keep proper books, records, or security controls for its digital assets.
• Alameda Research received special treatment despite losing money when trading against customers.
• FTX used unsecured group email accounts to manage security keys for digital assets.
• FTX failed to maintain an accurate list of its bank accounts or employees.
• FTX lacked an accounting department and outsourced the function.
• FTX used messaging platforms with auto-delete functions and encouraged employees to do the same.