Former FTX General Counsel Resigned From the Company After Discovering Huge Hole in Balance Sheet

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Cointime2023/10/20 00:30

By:Cointime

October 20th, former FTX general counsel Can Sun testified in the SBF criminal trial, stating that in November 2022, asset management company Apollo Global Management expressed interest in investing in FTX and requested a copy of the financial statements. When the copies were made, Can Sun discovered a $7 billion gap in FTX's balance sheet related to Alameda. Can Sun resigned from the company afterwards. Can Sun previously worked as a lawyer at Fenwick and West and joined FTX in August 2021.

However, these changes were never implemented. Can Sun was also responsible for recording the loans Alameda issued to SBF, Gary Wang, and Nishad Singh so that they could purchase FTX equity. However, Can Sun stated that he did not know that these funds actually came from FTX user deposits. In addition, Can Sun himself received a $2.3 million loan from Alameda and bought a house in the Bahamas. He later requested protection from the government out of caution.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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