--- title: "SBF and Friends Apparently Joked About Their “Tendency to Lose Track of Millions of Dollars in Assets”" description: "Losing Track of Millions According to yet another shocking report, disgraced cryptocurrency exec Sam Bankman-Fried and his collaborators thought it was hilarious that they were unable to look after million-dollar assets. As quoted in a new debtors' report filed over the weekend in the US Bankruptcy Court for the District of Delaware, SBF's collapsed empire was […]" date: "2023-04-12" modified: "2023-04-12" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/sbf-joked-tendency-lose-millions-assets" categories: - "Blockchain" - "Future Society" tags: - "cryptocurrency exchange" - "ftx" - "sam bankman-fried" - "the digest" --- # SBF and Friends Apparently Joked About Their “Tendency to Lose Track of Millions of Dollars in Assets” ![Former FTX CEO Sam Bankman-Fried joked with his collaborators about a "tendency to lose track of millions of dollars in assets," according to a new report.]() *\Image: Fatih Aktas/Anadolu Agency via Getty Images/Futurism\* ## A Milli According to [yet another]() shocking report, disgraced cryptocurrency exec Sam Bankman-Fried and his collaborators thought it was hilarious that they were unable to look after million-dollar assets. As quoted in a [new debtors' report]() filed over the weekend in the US Bankruptcy Court for the District of Delaware, SBF's collapsed empire was "tightly controlled by a small group of individuals," who "joked internally about their tendency to lose track of millions of dollars in assets." This small group of individuals, which included Bankman-Fried, FTX cofounder Gary Wang, and former Alameda Research CEO Caroline Ellison, showed "little interest in instituting an appropriate oversight or control framework," according to the report. Bankman-Fried and his collaborators' carelessness sounds considerable. "We sometimes find $50 million of assets lying around that we lost track of; such is life," he said, according to the report. ## Audit Future SBF oversaw crypto exchange FTX, which [collapsed]() in the most spectacular fashion possible last year, wiping out a $32 billion valuation in a [matter of days]() and [sending shockwaves]() throughout the crypto industry. Now details about the fallen empire, as well as its sister trading firm Alameda Research, are emerging as prosecutors build out a case. Revelations paint a seriously troubling picture of the two companies' operations, which were based in the Bahamas at the time. The sheer degree of mismanagement was seemingly apparent to Bankman-Fried, who once claimed that Alameda Research was "hilariously beyond any threshold of any auditor being able to even get partially through an audit," according to internal communication cited in the report. "Alameda is unauditable," he allegedly said. "I don't mean this in the sense of 'a major accounting firm will have reservations about auditing it'; I mean this in the sense of 'we are only able to ballpark what its balances are, let alone something like a comprehensive transaction history.'" Despite a monumental amount of evidence, Bankman-Fried [pleaded not guilty]() to fraud back in January. He is now awaiting an October trial [while under house arrest]() at his parents' mansion in Northern California, after posting a [$250 million bail](). **More on SBF:** *[FTX Founder Suffers Personal Nightmare as Courts Cut Him Off From League of Legends]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()