Bankman-Fried's FTX was a Wild West and a personal bank

Bankman-Fried’s FTX was a Wild West and a personal bank

It was the Wild West.

A place where everything was acceptable.

Everything was allowed and there was no control to call to order those who went too far. There was no red line.

The CEO treated funds from one of his companies as his personal bank. The employees dipped into the company’s money to buy houses in the Bahamas and none of these transactions were recorded anywhere.

There may even have been fictitious employees. The board of directors, supposed to contain everyone’s instincts, never met.

#BankmanFrieds #FTX #Wild #West #personal #bank

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