Accounting practices at Sam Bankman-Fried’s crypto company FTX were so loosey-goosey that expenses and invoices amounting to tens of millions of dollars were approved with emojis, The Wall Street Journal reports. And, the new management team asserts in a report, the founder seemed proud of just how messy things were. “We sometimes find $50m of assets lying around that we lost track of; such is life,” Bankman-Fried wrote in an internal communication, referring to his hedge fund Alameda Research. The former wunderkind, who is now under federal indictment, went on to say that Alameda was “hilariously beyond any threshold of any auditor being able to even get partially through an audit.”
Read it at The Wall Street Journal
