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… 🪂 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.