A reminder that the #FTXScandal does not only happen in the #cryptocurrency space 😬.

❝Former Wirecard manager must convince the court that businesses he ran in Asia did not exist❞

https://www.ft.com/content/b1fbd0b7-0486-448e-bb84-ffe3c8327fa8 #FTX #FTXGate #Wirecard

It appears that audit firm Armanino is proud of their work at FTX-US

https://www.ft.com/content/42087255-92ad-45b7-b5ad-3b8457e0c1f8

#FTX #FTXGate #SBF

This doesn't look good for #SBF

❝FTX lawyer tied to poker scandal reportedly flipped on Sam Bankman-Fried❞

FTX lawyer Friedberg in a leaked audio published in 2013 and still widely available online, advised the UltimateBet executives on a strategy to shortchange victims by withholding the extent of the scheme and pinning the blame on a fictitious “former consultant” who “took advantage of a server flaw.”

#FTX #FTXGate

How do we square this❓

(1) FTX had multiple audits by account firms (incl one by Prager Metis the 5th largest accounting firm in the USA) and passed the GAAP audit.

https://worldnewsera.com/news/finance/stock-market/ftx-collapse-puts-its-auditors-in-the-spotlight/

(2) John J. Ray new FTX CEO said "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."

https://www.reuters.com/technology/new-ftx-ceo-slams-complete-failure-corporate-control-2022-11-17/

#FTX #Alameda #FTXScandal #FTXGate