Two observations on the FTX saga. The lack of ‘finance’ staff at FTX. And the Binance CEO’s reference to lobbying might have been misconstrued.
The fact that Sam Bankman-Fried (SBF) owned Alameda Research, the proprietary trading and market making firm, as well as running the FTX exchange has been known from the start. Somehow, it was considered okay. But there was another major red flag.
If you take a look at the about FTX page, it shows six senior team members: the CEO, the COO, two leaders on tech and two on compliance and legal. Something is missing. For a company managing billions of client funds, $16 billion according to the Wall Street Journal (WSJ), is it not odd that there is no Chief Financial Officer (CFO)? Wouldn’t you not only expect it to have a CFO but one with some street cred?
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