Compliance failure at FTX

A nice relaxing holiday weekend coming to an end. I read the interim report from the team looking at the failure of FTX and associated businesses. Great thread by Molly White on Mastodon if you’re on there. But here it is, 43 pages:

Now, I don’t hide the fact that I agree with Mr Buffett on the value of crypto (never mind the environmental/energy impact) - but this is absolutely jaw dropping because of the sheer lack of experience (more likely negligence), oversight and basic controls.

No matter how bad you think it was, it’s worse. If you work in Security, Infosec or Compliance do sit down before reading it. I read it in my garden and I’m sure the neighbours heard the odd ‘$#%$ me!’

Marketing and Hype are a valuable business driver, but I’m starting to crave common sense in some areas. Some things are indeed cool, but take care of the basics.