In this video I cover the Accounting & Audit issues with FTX’s Collapse
In a nutshell, FTX used its sister company Alameda in these illegal ways:
FTX lent Alameda its made-up crypto “FTT”, which Alameda used to borrow money against (free money with a worthless collateral)!
Alameda was a major customer of FTX’s FTT token, helping FTX prop up it’s fair market value!!
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"Develop success from failures. Discouragement and failure are two of the surest stepping stones to success." –Dale Carnegie
FTX lending FTT to Alameda and Alameda was using the lended FTT as a colleteral to borrow money, right? But which institution accepted worthless FTT as a colleteral?
Can you explain the full accounting treatment for SaaS companies(Deferr revenue, actual revenue, AP taxes,Etc).
Interesting, Thank you Bill!
Great information, thank you for sharing!
Alamedea symbol is the fbi pedo symbol
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I like the way you visually teach things and apply it to real world accounting and audit scenarios. Taking courses online and this is lacking with just doing discussion boards and quizzes.
been waiting for this , an actual expert's explanation
so basically its what your bank/goverment is doing with ukraine
Awesome video!!!! To be fair to the valuation of FTT though, wouldn't Binance have provided a large (assuming multiple) arm's length transaction for the valuation?
Thank you for content #ftx #bankruptcy #Finance #banking #enjoylife
great content. thx for sharing
awesome
waiting to tackle about EBITDA😅
FTX borrowing against FTT is no different from the airlines borrowing against their sky miles programs. Made up, arbitrary value used as collateral.
In this case how would this affect Prager Metis now and in the future
sounds a lot like the FED and congress do or it's just my conspirationation?
Complete sham
Thanks for this breakdown. You're the best!