FTX, once one of the largest and highly regarded cryptocurrency exchanges has filed for bankruptcy protection, and is alleged to have between 1 and 2 billion in client money unaccounted for. Here are my top 5 FTX financial warning signs of failure, FTX explained, and FTX collapse.
What happened, and how did it all go wrong for Sam Bankman-Fried? Allow me to apply my lens as an accountant to this whole FTX debacle, and what we can learn from it and what it means for you and crypto exchanges going forward.
What did FTX, and Sam Bankman- Fried do that was so egregious from an accounting point of view? Hint… FTX Balance Sheet and Financial Statements.
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Do you have questions about 5 FTX Financial Warning Signs of Failure Explained by CPA? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.