this post was submitted on 23 Oct 2023
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SBF made $9 billion disappear. This forensic accountant found it — “Oh, yes,” said the accountant when asked if FTX ever misused customer funds (gizmodo.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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SBF made $9 billion disappear. This forensic accountant found it — “Oh, yes,” said the accountant when asked if FTX ever misused customer funds::This guy is so good, FTX should’ve hired him years ago.

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[–] autotldr@lemmings.world 9 points 1 year ago

This is the best summary I could come up with:

A forensic accountant at Sam Bankman-Fried’s trial tried piecing together where $9 billion of missing FTX customer funds went on Wednesday.

Peter Easton, an accounting professor at the University of Notre Dame brought in by the prosecution, says user deposits were reinvested into businesses and real estate, used to make political contributions, and donated to charity, reports CoinDesk Thursday.

In a key interview with ABC’s George Stephanopoulos back in November 2022, the FTX founder denied that he knew “that there was any improper use of customer funds.”Customer funds peaked at FTX in June of 2022 when $11.3 billion was supposed to be held at Alameda Research, but its bank accounts only held $2.3 billion.

Former Alameda Research employee Aditya Baradwaj published a full list of SBF’s political donations that surfaced in the trial, which totaled $133 million.

FTX’s Head of Engineering Nishad Singh told the court earlier in the week he felt “betrayed” by SBF.

Singh says he deserves blame for much of the wrongdoing, but his testimony solidified the prosecution’s assertion that SBF was the true coordinator of FTX’s fraud.

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