FTX customers are furious where their money went 😡
Part of the answer is hidden in the infamous #FTX & FTX US financial statements.
Let’s dive in… 🪂
Part of the answer is hidden in the infamous #FTX & FTX US financial statements.
Let’s dive in… 🪂
2/ Starting with FTX’s acquisition spree:
🟥 The #LedgerX deal alone comes with $129M paid for goodwill (a fancy word for overpayment).
🟥 Add to that $206M for intangible assets (licenses and customer base).
Licenses are hardly recyclable and customers are long gone.
🟥 The #LedgerX deal alone comes with $129M paid for goodwill (a fancy word for overpayment).
🟥 Add to that $206M for intangible assets (licenses and customer base).
Licenses are hardly recyclable and customers are long gone.
3/ Moving down the document
🟥 The sponsorship agreements for FTX US alone are over $440M.
Compared to:
🟥 $46M in REVENUE
🟥 $98M net operating LOSS
Marketing expense is quite aggressive to say the least.
🟥 The sponsorship agreements for FTX US alone are over $440M.
Compared to:
🟥 $46M in REVENUE
🟥 $98M net operating LOSS
Marketing expense is quite aggressive to say the least.
4/ A look at FTX Trading:
🟥 Another $315M paid for goodwill and licenses of Digital Assets DA
🟥 Then $145M for the #Blockfilio deal
These were paid mostly in #FTT, helping the death spiral.
🟥 Another $315M paid for goodwill and licenses of Digital Assets DA
🟥 Then $145M for the #Blockfilio deal
These were paid mostly in #FTT, helping the death spiral.
5/ Two other major acquisitions were made in 2022, amounting to $374M.
❗️ Details of the deals are not shared, but chances are the bulk is again goodwill and worthless intangible assets.
❗️ Details of the deals are not shared, but chances are the bulk is again goodwill and worthless intangible assets.
6/ The parent company has been even more generous when it comes to sponsorship and marketing, committing $576M.
🟥 This is compared to $1B in revenues and $272M in operating income.
🟥 This is compared to $1B in revenues and $272M in operating income.
7/ The biggest scam 🍒
🟥 Alameda’s unsecured loans. Comparing assets and liabilities, we see a large cash deficits covered with #SOL and #SRM.
Hence, they’ve either grossly overpaid for them or accumulated large operating losses (eg acting as backstop liquidity for #LUNA/UST)
🟥 Alameda’s unsecured loans. Comparing assets and liabilities, we see a large cash deficits covered with #SOL and #SRM.
Hence, they’ve either grossly overpaid for them or accumulated large operating losses (eg acting as backstop liquidity for #LUNA/UST)
You think this is over? It merely is the beginning.
Follow me and retweet to spread the good word.
Follow me and retweet to spread the good word.
@minigrogu @MosquitoCapital @adamscochran @tier10k @HsakaTrades @0xfoobar @cobie @DylanLeClair_ @Tree_of_Alpha @fintechfrank @ThinkingUSD @cmsholdings @mrjasonchoi @CryptoHayes @MoonOverlord @twobitidiot @MarioNawfal
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