Sam Bankman-Fried Forbes
Posted: Tue Feb 11, 2025 7:50 am
According to the Bloomberg Billionaires Index, Bankfield-Fried went on to amass a net worth of $25 billion. Until 2022, when FTX experienced a “solvency crisis”. The company went bankrupt overnight.
After the initial surprise, reports began to emerge taiyuan mobile number database from various sources saying that this was bound to happen. According to company employees, decisions were made by chat and no records were kept. Board meetings were never held, there was no accurate accounting, and there were no records of who worked at FTX.
In a Twitter thread, Bankfield-Fried himself admitted to making accounting mistakes. Even before the scandal, he had been surprisingly clear about what a fraud his company was, stating that his wealth was in “mostly illiquid” assets. In an interview where it was suggested that he was in the Ponzi business, Bankfield-Fried responded that it was a “quite reasonable” conclusion. (!)
The company was totally unregulated, without any financial checks and balances. One investor told Forbes that they only had access to FTX’s balance sheets as part of due diligence, which “seemed fine.”
Again, it seems that the need to believe in the exciting possibility of the new blinded everyone to the obvious: Bankfield-Fried was gambling on air.
After the initial surprise, reports began to emerge taiyuan mobile number database from various sources saying that this was bound to happen. According to company employees, decisions were made by chat and no records were kept. Board meetings were never held, there was no accurate accounting, and there were no records of who worked at FTX.
In a Twitter thread, Bankfield-Fried himself admitted to making accounting mistakes. Even before the scandal, he had been surprisingly clear about what a fraud his company was, stating that his wealth was in “mostly illiquid” assets. In an interview where it was suggested that he was in the Ponzi business, Bankfield-Fried responded that it was a “quite reasonable” conclusion. (!)
The company was totally unregulated, without any financial checks and balances. One investor told Forbes that they only had access to FTX’s balance sheets as part of due diligence, which “seemed fine.”
Again, it seems that the need to believe in the exciting possibility of the new blinded everyone to the obvious: Bankfield-Fried was gambling on air.