"A spreadsheet... references $5bn of withdrawals last Sunday, and a negative $8bn entry described as 'hidden, poorly internally labled "fiat@" account.'"

"Bankman-Fried told the Financial Times the $8bn related to funds 'accidentally' extended to his trading firm, Alameda, but declined to comment further. Earlier this week, he tweeted that FTX international had $4bn in easily tradeable assets when it faced Sunday’s $5bn surge of withdrawals. 'There were many things I wish I could do differently than I did, but the largest are represented by these two things: the poorly labeled internal bank-related acount [sic], and the size of customer withdrawals during a run on the bank,' the spreadsheet adds.... Healthy companies typically have assets that match or exceed their liabilities. The spreadsheet says FTX Trading had a total of $9.6bn of assets, but it is unclear how much of that value could be realised...."

 From "FTX held less than $1bn in liquid assets against $9bn in liabilities/Vast gap highlights the dire state of Sam Bankman-Fried’s exchange before it collapsed into bankruptcy" (Financial Times).

I don't normally blog about finance. It's kind of my least favorite topic, but I was intrigued by "'There were many things I wish I could do differently than I did....' the spreadsheet adds." 

I didn't know spreadsheets experienced regret. 

The "I" is, presumably, Bankman-Fried. Here's a BBC article about him, "The fall of the FTX ‘King of Crypto’ Sam Bankman-Fried":

It's a dizzying downfall and the rise of Mr Bankman-Fried is also its own dramatic story of risks, rewards and beanbags. Mr Bankman-Fried went to Massachusetts Institute of Technology (MIT) - a prestigious US research university where he studied physics and maths. But the young bright undergraduate says it was lessons learned in the student dorms that led him on his path to getting rich.

In a BBC radio interview last month, he recalled being swept up in the "effective altruism" movement. Effective altruism is a community of people "trying to figure out what practical things you can do with your life to have as much positive impact as you can on the world", he said.

So, as Mr Bankman-Fried recalls, he decided to get into banking to make as much money as he could to give it back to good causes....

Ha ha. Okay. I give this post my "charity" tag. For fun. Also, "wealth." Any greedy person raking in monstrous wealth can "recall" a motivation like that.

But where's the beanbag?, you may ask.

The crypto exchange grew to be the second largest in the world and a titan of the industry, seeing $10-$15bn traded a day.... All the while, Mr Bankman-Fried seemingly delighted in giving his Twitter followers an insight into his lifestyle. He mainly sleeps on a bean bag next to his desk in the office, he said, with a picture of him lying next to his staff at their trading terminals....

AND: From "It Was All a Game for Sam Bankman-Fried" (NY Magazine):

He was reportedly in a kind of polycule with his ten other roommates in the Bahamas, who were apparently not only romantically involved with each other but also were de facto running his empire....

The millions he spent helping elect Democrats and write his own regulatory agenda in Washington have blown up, effectively turning him — and the crypto industry — toxic.

“This guy knew his shit,” said William Quigley, a co-founder of Tether who had a meeting with him and a politician in June to talk about the crypto industry. “But I have my own view of what happened. Young people tend to whistle past the graveyard. They think of risk controls as boring stuff that should be set aside.”...

Spend enough time in crypto circles and the presence of literal teenage millionaires is off-putting, and those who have some kind of pedigree — people who came from, say, Goldman Sachs or a big tech company like Facebook — try weirdly hard to sell you on the next big thing.

There was always the sense that, because crypto was entirely digital, everyone in the industry was creating a whole new world....

Bankman-Fried was supposed to be the antidote. This was the MIT math whiz, the guy who made money at a known hedge fund, Jane Capital, through the perfectly normal practice of trading arbitrage — buying crypto where it was cheap, selling where it was expensive, and then pocketing the difference. Yes, he looked kind of silly with his mop of hair and T-shirts and running shoes, regardless of the situation — but he was the one sitting up on stage with Bill Clinton and Gisele Bündchen....