As often is the case, Matt Levine has an amazingly detailed, horrific and informative rundown of it all at https://www.bloomberg.com/opinion/articles/2022-11-1

As often is the case, Matt Levine has an amazingly detailed, horrific and informative rundown of it all at https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-balance-sheet-was-bad https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-... The FTX "balance sheet" (which was a spreadsheet) had a cell called "hidden, poorly internally labled ‘fiat@’ account”. Another key bit from Levine: "If you try to calculate the equity of a balance sheet with an entry for HIDDEN POORLY INTERNALLY LABELED ACCOUNT, Microsoft Clippy will appear before you in the flesh, bloodshot and staggering, with a knife in his little paper-clip hand, saying “just what do you think you’re doing Dave?” You cannot apply ordinary arithmetic to numbers in a cell labeled “HIDDEN POORLY INTERNALLY LABELED ACCOUNT.” The result of adding or subtracting those numbers with ordinary numbers is not a number; it is prison." And that's not all. This is fraud on a truly epic scale... Read the whole thing. Edited to add that the HIDDEN POORLY INTERNALLY LABELED Account had a value of negative $8 billion.