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Aaron Patrick

The crypto coin that explains why FTX failed

A balance sheet for Sam Bankman-Fried’s FTX exchange grossly overstated its assets.

Aaron PatrickSenior correspondent
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Have you ever seen an earnest mea culpa and a blatant misrepresentation in a one-page Excel spreadsheet?

If the answer’s no, and you’re curious, check out the rough balance sheet sent to potential buyers of the FTX crypto exchange last week that’s floating around the internet.

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Aaron Patrick was a senior correspondent at The Australian Financial Review.
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    Original URL: https://www.afr.com/technology/the-crypto-coin-that-explains-why-ftx-failed-20221115-p5bydu