Most of the Company’s Money is Still MIA
What’s worse than not keeping an accurate record of how much money you have? Having most of your money disappear. That is, according to Ray, most of the money that FTX was supposed to have just hasn’t been located yet. Ray writes that he has “located and secured only a fraction of the digital assets” that were supposed to have been held by the company.
In other words, a whole lot of money is simply missing. In the ether. Poof. Part of this is because the company was hacked right after it declared bankruptcy, allegedly leading to hundreds of millions of dollars in assets being stolen. But FTX was supposedly worth tens of billions of dollars. While it’s still early days, you’d think that all you’d have to do is open up the cold storage and it would be there, right? Instead, we apparently don’t know where most of the digital cash is.
