Yeah, turns out there was not only sloppiness here though. Like Enron, things were labelled to look much better than they really were. Like, stocks of coins held in such volumes and accounted as their current exchange price such that it looked like billions in net worth, IIRC, but of course if they would have sold the coins, the value of the coins would have plummeted far before they got through their sale order, so there is no way they could have expected to gather that much USD for the coins they held. This might be normal for stocks valuation? But my impression from the tone is that it was handled differently/worse. Maybe there were other things too, tbh I didn’t look very closely. Plus there was SBF’s backdoor (that was real right?) and I’d bet other weird money movements I assume he has noticed by now.
Yeah, turns out there was not only sloppiness here though. Like Enron, things were labelled to look much better than they really were. Like, stocks of coins held in such volumes and accounted as their current exchange price such that it looked like billions in net worth, IIRC, but of course if they would have sold the coins, the value of the coins would have plummeted far before they got through their sale order, so there is no way they could have expected to gather that much USD for the coins they held. This might be normal for stocks valuation? But my impression from the tone is that it was handled differently/worse. Maybe there were other things too, tbh I didn’t look very closely. Plus there was SBF’s backdoor (that was real right?) and I’d bet other weird money movements I assume he has noticed by now.