by Joe Hoft at thegatewaypundit.com
On Easter Sunday the current CEO of FTX released its assessment of FTX’s lack of cyber, financial, and internal accounting controls. What a mess it is.
The CEO of FTX released a report on Easter Sunday of the mess that FTX was in when the company fell into bankruptcy. This cryptocurrency exchange saw billions of dollars fly threw its accounts and God only knows who was behind the transactions and who was receiving the transactions.
Bob Bishop unraveled the results of the current CEO’s Easter report on Twitter.
56 entities within FTX did not produce financials. Numerous entities used QuickBooks as their accounting software.
Checks to be deposited were treated like junk mail. Numerous checks became stale and were never cashed. Numerous accounts were created that could have been used to launder money.
Numerous entities could borrow money from the company and Alameda Group could borrow up to $65 billion.
Cybersecurity issues were ignored by management at FTX. Accounts could easily be hacked.
Cyber threats were real and the company did not implement controls to address these threats.
The document released should be in every accounting curriculum to teach students how to not control a company.