AI-generated image mimicking Sam

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hasibaakterss3309
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Joined: Thu Jan 02, 2025 7:09 am

AI-generated image mimicking Sam

Post by hasibaakterss3309 »

Bankman-Fried's Forbes magazine cover
After the initial shock, reports began to emerge from various sources claiming that this was destined to happen. According to company employees, decisions were made via 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 list of real mobile number database acknowledged making accounting mistakes. Even before the scandal, he had been surprisingly clear about what a fraud his company was, claiming that his assets were held in “mostly illiquid” assets. In an interview where it was suggested that he was in the Ponzi scheme, Bankfield-Fried responded that it was a “quite reasonable” conclusion. (!)

Much like Theranos, the company was completely unregulated, with no financial oversight or control whatsoever. One investor told Forbes that they only had access to FTX’s balance sheets as part of due diligence, which “seemed fine.”

Once again, it seems that the need to believe in the exciting possibility of the new blinded everyone to the obvious: Bankfield-Fried was gambling in the air.
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