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SBF also wrote a later post about FTX US's balance sheet: https://sambf.substack.com/p/ftx-us-balance-update-2023-01-17 https://sambf.substack.com/p/ftx-us-bala

SBF also wrote a later post about FTX US's balance sheet: https://sambf.substack.com/p/ftx-us-balance-update-2023-01-17 https://sambf.substack.com/p/ftx-us-balance-update-2023-01-1... Is that post at all accurate or is it even more lies?

Marazan 4y ago
It confuses customer funds with ftx.us assets so no, it is just more self serving lies.
TacticalCoder 4y ago
Total lies: the current bankruptcy CEO says that balance sheet accounts for hundreds of millions in a company called LedgerX (IIRC, out of memory) which FTX.us acquired with... Money fraudulently siphoned from investors and customers. So the money used to buy LedgerX (and which LedgerX still partially has) should at some point be seized. FTX.us is insolvent too.
low_tech_love 4y ago
Balance sheet: ===== Money I got 100.000 Money I owe 90.000 Total +10.000 See? Totally solvent bruh!
SilverBirch 4y ago
One of the reasons that people keep on saying "this kid is insane for continuing to talk" is because they're rightly worried that he would admit to something that he'll go to prison for. In that post, he essentially does so. What the new CEO did in bankruptcy is he wrapped up the business into 4 silos, one of which (WRS) contains FTX US, LedgerX, FTX NFTs and a load of other stuff. Now what Sam is doing is saying "Hey look! WRS does have enough cash to pay back the FTX US customers!", but if you count all the money that WRS has, what you're saying is that FTX US's customers weren't held as deposits, it's just that the total assets of the company exceeed customer deposits. Which means he's basically saying "Yes, I did do the illegal comingling of your deposits, but in total the company has enough cash to pay you back if, for the purposes of accounting, we split out an arbitrary part of the company and ignore the shortfall in the rest of the company".

Marazan 4y ago

It confuses customer funds with ftx.us assets so no, it is just more self serving lies.

TacticalCoder 4y ago

Total lies: the current bankruptcy CEO says that balance sheet accounts for hundreds of millions in a company called LedgerX (IIRC, out of memory) which FTX.us acquired with... Money fraudulently siphoned from investors and customers. So the money used to buy LedgerX (and which LedgerX still partially has) should at some point be seized. FTX.us is insolvent too.

low_tech_love 4y ago

Balance sheet: ===== Money I got 100.000 Money I owe 90.000 Total +10.000 See? Totally solvent bruh!

SilverBirch 4y ago

One of the reasons that people keep on saying "this kid is insane for continuing to talk" is because they're rightly worried that he would admit to something that he'll go to prison for. In that post, he essentially does so. What the new CEO did in bankruptcy is he wrapped up the business into 4 silos, one of which (WRS) contains FTX US, LedgerX, FTX NFTs and a load of other stuff. Now what Sam is doing is saying "Hey look! WRS does have enough cash to pay back the FTX US customers!", but if you count all the money that WRS has, what you're saying is that FTX US's customers weren't held as deposits, it's just that the total assets of the company exceeed customer deposits. Which means he's basically saying "Yes, I did do the illegal comingling of your deposits, but in total the company has enough cash to pay you back if, for the purposes of accounting, we split out an arbitrary part of the company and ignore the shortfall in the rest of the company".