Oh God, this is wonderful.
The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise. For example, employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.
I think UP is admin’d more securely than FTX was?
Unacceptable management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world
lol I busted out laughing at this
It is disgusting that there wont be real consequences for the “professional” money managers that invested in this thing. Quite obvious there was actually zero due diligence done.
This guy is going to jail for a very long time
https://twitter.com/gurgavin/status/1593240046601375745?s=46&t=KRlYesO_f5eWI71cMl8bmg
whomst amongst us hasn’t found themselves taking a pencil or notepad home from work?
This could actually be good news for El Salvador long term, as this guy was a populist who was systematically dismantling their democracy. If this gets him run out of town before he completes the job that’s a good thing.
Or 1 billion pens.
An extremely long blog post about the whole thing. Breaks it down step by step
Does that make it a Ponzi?
Here’s a tough to hit entry on the bingo card. SBF has 30% of his hedge fund.
0.7 Scaramuccis
