The most shocking findings from FTX's bankruptcy filing are revealed

According to FTX's bankruptcy filing, the company did not have an appropriate disbursement control system. Employees submitted expense requests through online chats while supervisors and managers approved them with personalized emojis.

Most decisions were made via chats, and FTX founder and former CEO Sam Bankman-Fried (SBF) reportedly encouraged employees to use apps that automatically deleted the messages after a while. Hence, the absence of lasting records of decision-making.

FTX did not have a cash management system; hence, the firm did not know the amount of cash at hand at any given time. The lack of a centralized cash control system meant the firm had no accurate list of its bank accounts and account signatories. Also, the exchange did not pay attention to the creditworthiness of its banking partners.