> A June 2022 “Portfolio summary” purporting to model cryptocurrency positions held by Alameda stated, with respect to valuation inputs for certain tokens, that

> A June 2022 “Portfolio summary” purporting to model cryptocurrency positions held by Alameda stated, with respect to valuation inputs for certain tokens, that Alameda personnel should “come up with some numbers? idk.” In an internal communication, Bankman-Fried described Alameda as “hilariously beyond any threshold of any auditor being able to even get partially through an audit,” adding: > Alameda is unauditable. I don’t mean this in the sense of “a major accounting firm will have reservations about auditing it”; I mean this in the sense of “we are only able to ballpark what its balances are, let alone something like a comprehensive transaction history.” We sometimes find $50m of assets lying around that we lost track of; such is life Yikes. Did SBF just not give a damn about anything? The more I see stuff like this, the more I'm convinced that this wasn't fraud, this was just historically awful management by a few kids that had no business running a lemonade stand let alone a multi billion dollar crypto exchange.