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Forgive the repetition (I've mentioned this on other threads about FTX and their balance sheets) but this doesn't seem to be widely reported or known for some r
by jmyeet 4y ago
Forgive the repetition (I've mentioned this on other threads about FTX and their balance sheets) but this doesn't seem to be widely reported or known for some reason:
1. FTX had no CFO [1]; and
2. Their accounting firm is on the Metaverse [2].
(1) is particularly shocking because its normally the CFO's experience and reputation that gives investors and customers confidence in published numbers (yes, there's that awkward trust element against that seems to be an anathema to Crypto Andys). Even if it's not a regulatory requirement, I"m honestly shocked that the investors (Sequoia, etc) didn't insist on an adult in the room so they could trust the financials.
Horrible for the customers. No sympathy for the investors. A giant fail by the financial press for not highlighting this issue earlier as it's a definite red flag.
[1]: https://www.ledgerinsights.com/ftx-warning-signs-no-cfo/ https://www.ledgerinsights.com/ftx-warning-signs-no-cfo/
[2]: https://www.coindesk.com/business/2022/11/11/meet-the-metaverse-night-clubloving-audit-firm-that-presided-over-ftxs-financials/ https://www.coindesk.com/business/2022/11/11/meet-the-metave...
- nemo44x 4y agoIt's even funnier and crazier than "Silicon Valley". I mean, c'mon - the auditor was the first Metaverse financial auditing company?! It's just so amazing and hilarious.