FTX Lost Track of Its Money – Bloomberg

Ha ha ha. Look, if you run a financial institution, and you sometimes finding an extra $50 million of assets lying around, you might say things like “ooh money” and “that’s hilarious” and “such is life.” Finding money feels good! But it is indicative of a deeper problem. “If I sometimes find $50 million of assets lying around that I lost track of,” you might think in more reflective moments, “is it possible that I will sometimes find $50 million of liabilities lying around that I lost track of?” Because that would be bad. In the event, FTX was undone because, and I cannot emphasize this strongly enough, IT FOUND $8 BILLION OF LIABILITIES LYING AROUND THAT IT LOST TRACK OF, whoops. Better to keep track of all the money!

Source: FTX Lost Track of Its Money – Bloomberg