Note that Hofmann/Semafor is sort of hostile, but as characterized, it’s very bad for the prospects of a recovery.
It’s more likely that people don’t want to “hold the bags career wise”/work 20 hours a day to fix this for uncertain comp. It’s not evidence of conduct (like embezzlement)—I’m pretty sure Hoffman would go for the throat if it was.
This sounds bad to me in terms of ‘was this just some legal bets that didn’t pay off, or actually morally/legally fraudulent’: https://www.semafor.com/article/11/09/2022/ftx-legal-and-compliance-teams-quit
https://www.bloomberg.com/news/articles/2022-11-09/us-probes-ftx-empire-over-handling-of-client-funds-and-lending#xj4y7vzkg
Anyone with actual finance expertise want to say if this is likely as bad as it sounds?
The finance people I know say it sounds as bad and maybe worse.
Note that Hofmann/Semafor is sort of hostile, but as characterized, it’s very bad for the prospects of a recovery.
It’s more likely that people don’t want to “hold the bags career wise”/work 20 hours a day to fix this for uncertain comp. It’s not evidence of conduct (like embezzlement)—I’m pretty sure Hoffman would go for the throat if it was.