SBF Made $9 Billion Disappear. This Forensic Accountant Found It
gizmodo.com
This guy is so good, FTX should’ve hired him years ago.
  • AutoTL;DRBEnglish
    1•1 year ago

    This is the best summary I could come up with:

    A forensic accountant at Sam Bankman-Fried’s trial tried piecing together where $9 billion of missing FTX customer funds went on Wednesday.

    Peter Easton, an accounting professor at the University of Notre Dame brought in by the prosecution, says user deposits were reinvested into businesses and real estate, used to make political contributions, and donated to charity, reports CoinDesk Thursday.

    In a key interview with ABC’s George Stephanopoulos back in November 2022, the FTX founder denied that he knew “that there was any improper use of customer funds.”Customer funds peaked at FTX in June of 2022 when $11.3 billion was supposed to be held at Alameda Research, but its bank accounts only held $2.3 billion.

    Former Alameda Research employee Aditya Baradwaj published a full list of SBF’s political donations that surfaced in the trial, which totaled $133 million.

    FTX’s Head of Engineering Nishad Singh told the court earlier in the week he felt “betrayed” by SBF.

    Singh says he deserves blame for much of the wrongdoing, but his testimony solidified the prosecution’s assertion that SBF was the true coordinator of FTX’s fraud.

    The original article contains 405 words, the summary contains 181 words. Saved 55%. I’m a bot and I’m open source!