SBF scheduled to testify tomorrow at US House hearing on FTX collapse
Having followed a lot of the SBF discussion since he keeps giving interviews, here&#x27;s the FAQ--<p>1) How did you lose $5ish billion of customer deposits?<p>- They were deposited to Alameda, a totally independent hedge fund run by an unrelated party (my ex-girlfriend who lives with me). We credited Alameda without properly debiting Alameda on FTX.<p>2) Why didn&#x27;t you track them?<p>- There was a bug in the dashboard. I made a boneheaded mistake. Oopsies.<p>3) What happened in the days leading up to the collapse?<p>- It was an attack from Binance, they&#x27;re the bad guys. They cashed out and broke FTX.<p>4) Wait but they cashed out their assets, how would that effect people who had cash and other assets at FTX?<p>-  Well we didn&#x27;t comingle margin and non-margin customer accounts&#x2F;assets if that&#x27;s what you mean. It&#x27;s more that we had this terms of service that was really complicated. Yes there&#x27;s a part of the terms of service that says we won&#x27;t lend out your assets, but there&#x27;s this other part somewhere that says we will that applies to everyone even though it says it only applies to margin accounts. It&#x27;s because of complex accounting. This is all actually just really complex and I don&#x27;t remember all of it.