FTX senior executives knew as early as August 2022 they were almost $9 billion in the hole with customers, according to a new report that suggests they hid that deficit under a sham account known as 'our Korean friend’s account.' from jesseahamilton
About $7 billion in liquid assets have been recovered so far, and those searching the company’s assets “anticipate additional recoveries.”
A product of months of analysis and forensic auditing, the new report paints a picture of company management and at least one senior lawyer knowingly misusing customer money, saying they “lied to banks and auditors, executed false documents, and moved the FTX Group from jurisdiction to jurisdiction, taking flight from the United States to Hong Kong to the Bahamas, in a continual effort to enable and avoid detection of their wrongdoing.
The company's senior executives, including Caroline Ellison, the former CEO of FTX's trading affiliate Alameda Research, knew as early as August of 2022 that the firm owed more than $8 billion to customers, and it didn't have the money, according to Ray's report.
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