Wake Up SBF, Wake Up All
The truth behind unprecedented fraud and recklessness of SBF-FTX
It’s worse than Enron.
Many people’s worst nightmares on what led to the spectacular blow-up of the world’s second-largest crypto exchange FTX were largely confirmed in a new court filing that reveals a crypto empire that was colossally mismanaged and fraudulent.
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," FTX's new CEO, John J. Ray III who oversaw the liquidation of Enron, wrote in a court filing Thursday.
The scale and depth of its fraud are still unfolding by the hour. However, due to the unprecedented lack of trustworthy information, we might never get the full picture of what exactly happened.
An easier but more important question is why they happened, in particular, why did SBF (founder and former CEO) do what he did.
A recent piece by VOX named “Sam Bankman-Fried tries to explain himself” seems to provide an interesting perspective into what’s driving the decision-making process of SBF.
While there might be some smoke and mirrors, I find the exchange of Twitter DMs between SBF and Kelsey Piper (VOX journalist) to be a…
