A screenshot of the FTX employee’s self-report was distributed in the community, and most of its authenticity was confirmed. The article was compiled and authorized by Wu Shuo Blockchain.
(Review:Official SBF statement: I made 2 mistakes; FTX assets / collateral are still higher than consumer deposits; still trying to save)
(Additional background:SBF letter to employees: Will hold another FTX fundraiser, and communicate with Justin Sun)
CompleteThe text is as follows: I am a source close to the FTX situation. SBF has ruined the lives of many of its current and former employees. Everyone at FTX was shocked and disappointed. They were all fighting over SBF until they found out what was happening on Twitter. SBF’s inner circle is the only one who knows what is going on.
Many workers have their life savings on FTX. SBF promotes FTX as a reliable bank internally and externally. Bonuses for FTX employees usually include FTX and FTT stock. Most workers deposit money on the platform. They either deposit payroll directly or transfer it to FTX upon receipt. Employees are actively developing products that make it easier to automatically send money to FTX. This is promoted internally and externally.
In October 2021, FTX regained the shares of Binance, which was touched internally by Sam and others as a big win. For the first time, Sam and Ramnik gave employees the opportunity to invest in FTX at a 50% discount. This limit is $250,000, which can be matched with an investment of up to $250,000 in FTX US at market prices. This will bring the total to $500,000. They market the deal heavily to all employees.
From senior leadership to customer support, most see this as a great opportunity. Shares must be earned while working at FTX, and no employee will receive equity at the time of employment. Employees have two weeks to send money to FTX before Thanksgiving, and FTX has followed up relentlessly. Sam and others use this as an opportunity to make 100% of their money overnight and 4-5x over a few years.
Most people invest more than they should. Everyone believes in SBF. Many have now lost their life savings because they thought Sam and FTX was a safe bet and they believed in it. Workers are now worried that their money is being sent to Alameda.
On June 6, 2022, Sam claimed he was hiring more people while others were laying off staff. He talked about it on CNBC. However, Sam sacked more than 20 people the following day. Employees found themselves fired when they could no longer speak in Slack chats. They are removed one by one. Sam didn’t completely fire employees. He just posted a message within the internal Slack hours of being fired, pretty much accusing the employee of not being a good fit for the culture.
Nishad’s long-time girlfriend, Claire, was immediately promoted to head of human resources. She has the right to fire anyone she believes is “inappropriate to the culture” and who disagrees with Sam.
Only Sam’s inner circle knows what’s going on, yeah, that’s it.
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