The stunning meltdown of Sam Bankman-Fried’s FTX.com has revealed a black hole in the company’s financial reporting and accounting.
The crypto exchange—which said Friday that it had filed for Chapter 11 bankruptcy—is privately held, which means it does not have to share its financial statements with the public. Its website states that it completed a US GAAP audit for 2021 and “plans to undergo regular audits.” But it neither shared the name of its auditor nor published its audited financial statements. FTX didn’t respond to requests for that information.
Even if the company did share its audited financial results, ...
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