NEW: FTX's bankruptcy filing has just been released and it makes for shocking reading. Read more here: https://medium.com/p/c3842410a698

Here are the latest developments and updates:

• SBF lent $1 billion to himself. Other employees embezzled millions too: Nishad Singh: $540m, Ryan Salame: $55m

• SBF has admitted that the "ethics stuff" was "mostly a front."

• The mess at collapsed cryptocurrency exchange FTX is worse than the one at Enron. This is according to the ex-Enron CEO who is the new FTX CEO: “Never in my career have I seen such a complete failure of corporate controls.”

• Alameda, their hedge fund was EXEMPT from being liquidated when trading on FTX, the court filing shows

• FTX's 'holdings' of $5.5 billion of tokens are now valued at just $659k

• FTX executives donated $72m to the democrats and republicans this election cycle before the mid-terms. Party was not an issue, they were trying to buy political influence

• One of the world's best investment firms Temasek has just wrote down their whole $275m investment in FTX. $210mn in FTX International and $65mm in FTX US

• Crypto broker Genesis Trading has halted withdrawals at lending unit, they have $175mn in funds stuck on FTX

• Crypto lender BlockFi is preparing for imminent bankruptcy, citing FTX collapse

This gets worse, every day that goes by and SBF is going straight to prison.

House of cards.

investment #ethics #cryptocurrency #ftx