Nothing against Amazon Web Services. Very nice tool, but it’s not for a multibillion dollar company’s private keys—or anyone’s private keys, really.

He didn’t write it that way in the interim report he filed yesterday, but it’s not hard to imagine FTX CEO John Ray III, who’s overseeing the company’s Chapter 11 bankruptcy restructuring, chastising its use of AWS the same way he did its use of QuickBooks for accounting.

“Nothing against QuickBooks. Very nice tool,” Ray said while testifying before the House Financial Services Committee in December. “It’s not for a multibillion dollar company.”

Instead, he wrote in Sunday’s court filing that FTX “kept virtually all crypto assets in hot wallets.” To underline his point, Ray mentioned the unauthorized transactions that drained $432 million worth of funds from the company’s wallets the day after it filed for bankruptcy on November 11.

Disgraced FTX founder Sam Bankman-Fried grew his crypto empire into a behemoth. But in November 2022 it all came crashing down amid revelations that his trading desk, Alameda Research, held billions of FTX Token (FTT) on its balance sheet and allegations that the companies had been commingling user funds with its own. Now Bankman-Fried faces 13

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Author: Stacy Elliott

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