3min chapter

Clearer Thinking with Spencer Greenberg cover image

The FTX catastrophe (with Byrne Hobart, Vipul Naik, Maomao Hu, Marcus Abramovich, and Ozzie Gooen)

Clearer Thinking with Spencer Greenberg

CHAPTER

FTX and Alameda Keep Zero Sets of Books

FTX and Alameda actually kept zero sets of books. There wasn't this secret way that they were tracking how much money they were, how much customer money they were stealing for their hedge fund. They weren't tracking what was the customer money and what was the hedge fund money. At least according to the new CEO who has no reason to be friendly to the previous management, it actually has very strong reasons to say every possible negative thing about them. It makes Sam look like a pretty bad boss.

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