FTX debtors slam Bankman-Fried and his top lieutenants Nishad Singh and Gary Wang for their “hubris, incompetence, and greed.”
Sam Bankman-Fried allegedly joked about his doomed hedge fund Alameda Research losing track of as much as $50 million in assets, telling another executive: “Such is life.”
To back up the allegations, they cite a number of damning communications from the 30-year-old Bankman-Fried, who is now living under house arrest in Palo Alto, Calif. at the house of his parents, a pair of law professors at Stanford University. Executives at failed cryptocurrency platform FTX would joke amongst themselves about their habit of losing track of millions of dollars in assets, according to a report released by the company.
According to a federal bankruptcy court filing in Delaware, FTX was “tightly controlled by a small group of individuals who showed little interest in instituting an appropriate oversight or control framework.”
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