5 ms·

Here it is! https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6ce0-47cc-96ac-5e2d2a8c5d6c.png https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-

by emehex 4y ago

Here it is! https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6ce0-47cc-96ac-5e2d2a8c5d6c.png https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6c...

bombcar 4y ago
Thank you! That's the highest resolution PNG of it I've seen so far, but someday I hope to get the actual XLSX.
- HWR_14 4y ago
  You can retype it. I don't there are any supporting sheets. It should take like 2 minutes
weezin 4y ago
Exhibit A of the incompetence defense.
- notahacker 4y ago
  Think it'd be Exhibit A for the prosecution tbh. They were a financial services company run by ex-traders, not a mum and pop shop that might genuinely be running a legitimate business on napkin math
belter 4y ago
Will somebody please do a Benford's law on this one? I am too busy counting my virtual coins. https://en.wikipedia.org/wiki/Benford%27s_law https://en.wikipedia.org/wiki/Benford%27s_law
- bombcar 4y ago
  I don't think you even need Benford's law - "Hidden, poorly internally labled 'fiat@' account" has to trigger some more fundamental law.
  - kwertyoowiyop 4y ago
    This phrase will become legendary in business and accounting.
agentdrek 4y ago
What is TRUMPLOSE lol
- bombcar 4y ago
  An "illiquid bet on Trump losing the 2024 election" - well known investment-type.
  - umeshunni 4y ago
    https://www.coinbase.com/price/trump-loses-token https://www.coinbase.com/price/trump-loses-token
- gruez 4y ago
  https://ftx.com/trump-tokens https://ftx.com/trump-tokens
- v64 4y ago
  FTX had various betting markets where you could wager on the outcome of the 2024 election. Some larger speculators wanted to buy bets bigger than what the orderbook for the market could handle, so FTX directly acted as the counterparty to their bets. Source is Twitter, so grain of salt, caveat emptor, etc.
iso1631 4y ago
"A chance of Typos" That's exactly the kind of financial detail I like to see from a multi-billion dollar company.
rightbyte 4y ago
"Poorly labeled account"? Like, he claims he forgot some liabilities existed? With about the same size as their customers' founds?
- shawabawa3 4y ago
  From the latest bankruptcy filing it seems like they had an Alameda bank account that they used for FTX deposits to save time as there was no FTX bank account at the time It seems all $8B of deposits to this account were double credited to both FTX and Alameda
- espadrine 4y ago
  Not only that, but these liabilities are likely only a chunk of the customer’s funds (hence “fiat”). A lot more data is missing. Indeed, from John J. Ray III’s declaration[0]: > The Dotcom Silo Debtors may have significant liabilities to customers through the FTX.com platform. However, such liabilities are not reflected in the financial statements prepared by these companies while they were under the control of Mr. Bankman-Fried And from SBF[1]: > it looks like people wired $8b to Alameda and oh god we basically forgot about the stub accounts that corresponded to that and so it was never delivered to FTX [0]: https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf https://pacer-documents.s3.amazonaws.com/33/188450/042020648... [1]: https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy https://www.vox.com/future-perfect/23462333/sam-bankman-frie...
  - bwi4 4y ago
    Thanks. That Vox piece is super cringey - I'm sure his lawyers are thrilled. So, this case may be the first high-profile exercise in cryptocurrency-forensic-accounting. Let the paperclips fly.
- AlanYx 4y ago
  I'm also intrigued by the column labelled "Accute fear" [sic].
_yb2s 4y ago
To me the biggest red flag is the comment about a "run on the bank." He was never running a bank, but an exchange, and seems unaware of this! He had no right to do anything but store the exact amount of each transaction, in the exact quantity and form it was made in. Banks are insured against runs, that's kind of the definition and point of a bank in modern times. Also, this supposed "theft" by an "ex employee" is obvious bullshit also. No way they made it possible for even the most compromised ex employee to keep the crypto keys, and if they had, they would have taken the money before FTX crashed. He's not dumb enough to believe that story, so the only possible explanation is that the thief is SBF himself.

by emehex 4y ago

Here it is! https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6ce0-47cc-96ac-5e2d2a8c5d6c.png https://d1e00ek4ebabms.cloudfront.net/production/7ab64a3b-6c...

bombcar 4y ago

Thank you! That's the highest resolution PNG of it I've seen so far, but someday I hope to get the actual XLSX.

HWR_14 4y ago
You can retype it. I don't there are any supporting sheets. It should take like 2 minutes

weezin 4y ago

Exhibit A of the incompetence defense.

notahacker 4y ago
Think it'd be Exhibit A for the prosecution tbh. They were a financial services company run by ex-traders, not a mum and pop shop that might genuinely be running a legitimate business on napkin math

belter 4y ago

Will somebody please do a Benford's law on this one? I am too busy counting my virtual coins. https://en.wikipedia.org/wiki/Benford%27s_law https://en.wikipedia.org/wiki/Benford%27s_law

bombcar 4y ago
I don't think you even need Benford's law - "Hidden, poorly internally labled 'fiat@' account" has to trigger some more fundamental law.
- kwertyoowiyop 4y ago
  This phrase will become legendary in business and accounting.

agentdrek 4y ago

What is TRUMPLOSE lol

bombcar 4y ago
An "illiquid bet on Trump losing the 2024 election" - well known investment-type.
- umeshunni 4y ago
  https://www.coinbase.com/price/trump-loses-token https://www.coinbase.com/price/trump-loses-token
gruez 4y ago
https://ftx.com/trump-tokens https://ftx.com/trump-tokens
v64 4y ago
FTX had various betting markets where you could wager on the outcome of the 2024 election. Some larger speculators wanted to buy bets bigger than what the orderbook for the market could handle, so FTX directly acted as the counterparty to their bets. Source is Twitter, so grain of salt, caveat emptor, etc.

iso1631 4y ago

"A chance of Typos" That's exactly the kind of financial detail I like to see from a multi-billion dollar company.

rightbyte 4y ago

"Poorly labeled account"? Like, he claims he forgot some liabilities existed? With about the same size as their customers' founds?

shawabawa3 4y ago
From the latest bankruptcy filing it seems like they had an Alameda bank account that they used for FTX deposits to save time as there was no FTX bank account at the time It seems all $8B of deposits to this account were double credited to both FTX and Alameda
espadrine 4y ago
Not only that, but these liabilities are likely only a chunk of the customer’s funds (hence “fiat”). A lot more data is missing. Indeed, from John J. Ray III’s declaration[0]: > The Dotcom Silo Debtors may have significant liabilities to customers through the FTX.com platform. However, such liabilities are not reflected in the financial statements prepared by these companies while they were under the control of Mr. Bankman-Fried And from SBF[1]: > it looks like people wired $8b to Alameda and oh god we basically forgot about the stub accounts that corresponded to that and so it was never delivered to FTX [0]: https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf https://pacer-documents.s3.amazonaws.com/33/188450/042020648... [1]: https://www.vox.com/future-perfect/23462333/sam-bankman-fried-ftx-cryptocurrency-effective-altruism-crypto-bahamas-philanthropy https://www.vox.com/future-perfect/23462333/sam-bankman-frie...
- bwi4 4y ago
  Thanks. That Vox piece is super cringey - I'm sure his lawyers are thrilled. So, this case may be the first high-profile exercise in cryptocurrency-forensic-accounting. Let the paperclips fly.
AlanYx 4y ago
I'm also intrigued by the column labelled "Accute fear" [sic].

_yb2s 4y ago

To me the biggest red flag is the comment about a "run on the bank." He was never running a bank, but an exchange, and seems unaware of this! He had no right to do anything but store the exact amount of each transaction, in the exact quantity and form it was made in. Banks are insured against runs, that's kind of the definition and point of a bank in modern times. Also, this supposed "theft" by an "ex employee" is obvious bullshit also. No way they made it possible for even the most compromised ex employee to keep the crypto keys, and if they had, they would have taken the money before FTX crashed. He's not dumb enough to believe that story, so the only possible explanation is that the thief is SBF himself.