A former worker of cryptocurrency alternate FTX uncovered the corporate’s extreme extravagant spending, obsessive work tradition, and harsh working hours, and apparently employed the corporate’s psychiatrist a 12 months earlier than it went bankrupt.
Daniel Cloud, a former FTX worker who claims to work within the advertising and marketing division, posted a collection of tweets on Dec. 13, asserting that he had been employed by FTX in October 2021 earlier than resigning about two weeks in the past. stated it was
1. My Ex – FTX
Two weeks in the past, I formally resigned from my place as an FTX worker.
— Dani Cloud (@daniiicloud) December 13, 2022
“It makes me sick. It is like a cult,” Cloud wrote, describing how she felt when she first joined the alternate, which she in contrast it to on the lavish music pageant Fyre Pageant and well being tech firm Theranos. in comparison with fraudulent ventures corresponding to
She claimed she had “by no means heard of” FTX or its founder Sam Bankman-Fried, however stated “everybody at FTX was loopy about him.”
“I assumed it made sense. The youngsters have been younger, the ideas have been progressive, the concepts have been golden. […] Who was I to problem it?
Cloud stated the “greatest means” to get a place at FTX is to “be the feminine partner of an current worker” and that he might get an government place inside “a month or two.” claimed.
“Those that challenged it have been disturbed,” she claimed.
In accordance with Cloud, taking time without work from work was additionally a “joke.” “Her work week was Monday by means of Sunday,” she stated, and her co-workers have been “nibbled” for asking if her firm was taking a trip for Thanksgiving.
Cloud began as a Know Your Buyer (KYC) analyst for FTX US, the corporate’s US division, and was promoted to a full-time advertising and marketing position in Could 2022. time. “
Extreme luxurious spending on FTX
“The entire operation was symbolic and ridiculously inefficient,” Cloud stated of the alternate’s headquarters within the Bahamas, including that he “did not know all the things cash might purchase.”
She claimed FTX purchased or rented multi-million greenback houses for executives who hosted lavish home events and had personal cooks.
11. Half a dozen condominiums leased or bought by FTX without cost entry to workers…along with pricey stays in luxurious lodges. pic.twitter.com/RqCVfjm7eX
— Dani Cloud (@daniiicloud) December 14, 2022
Workers have been supplied entry to “half a dozen condominiums” rented or bought by the corporate, plus “paid stays at luxurious lodges.”
FTX’s Bahamas workplace gives “meals 24/7” and worker advantages corresponding to free groceries, a month-to-month pop-up barbershop, and bi-weekly massages. I used to be.
The Commodity Futures Buying and selling Fee (CFTC) filed a lawsuit in opposition to Bankman-Fried on December 13, accusing it of utilizing FTX buyer funds to buy luxurious actual property.
In accordance with a December 13 report from CNBC, FTX reportedly spent greater than $250 million on property purchases, buying 35 properties within the Bahamas.
Why Shrink Was Launched to FTX
Because of the demanding workload, Cloud stated Bankman-Fried introduced in psychiatrist Dr. George Ok. Lerner.
A now-deleted profile for Bankman-Fried, written in September by enterprise agency Sequoia Capital, describes Lerner as “somebody within the know.” [Bankman-Fried] Finest” and “FTX Firm Therapist”.
Cloud was “instructed as a coach” for Lerner to seek the advice of on rising the enterprise, and was stated to be “essential” to FTX’s worker satisfaction and its retention technique, however Lerner had a relationship along with his fiancée. He claimed to have requested her intimate questions on their relationship.
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She additionally alleged that administrative employees have been “pressured to illegally ship prescriptions written in California and Florida to Nassau.”
At a Dec. 13 congressional listening to, FTX CEO John Wray stated the corporate “doesn’t maintain any data” and plenty of invoices and expense receipts have been despatched by means of messaging. Submitted by means of the app Slack.
In accordance with Ray, FTX additionally makes use of accounting software program Quickbooks, which Ray says “has nothing in opposition to Quickbooks,” however it’s not a software “for multi-billion greenback corporations.”
