Great piece, as all the others from Dirty Bubble have been, on the unfolding FTX fiasco. Quick question: what was the effective date of Armanino's audit (and all clear) of FTX's books? Don't think I saw that in the piece and certainly would like to know how current that review was....
I tried to read a (translated) copy of that 80 page article.
It’s a huge amount of conjecture and theory covered by loads of disclaimers that it’s not reporting or journalism etc. huge rabbit holes potentially conspiracy theories.
Really appreciate the work by dirty bubble media for simplifying the subject and sticking to (basically) chains of evidence.
I don’t think FtX is a massive conspiracy, I think it’s a massive fraud potentially coming from arrogance and bad management. Believing success was down to their own genius and not the luck of riding the bubble up
I just think the crypto bubble, the internet, and software, allows a fraud like this to be committed on a scale that was simply unimaginable previously.
Things are moving very quickly in The Cryptocalypse right now. It's hard enough just to keep up let alone do new research. Expecting the Dirty Bubbz to give you a ton of in depth original reportage right now is kind of an unreasonable ask tbh. Sometimes you just gotta summarize WTF is going on for all the people not on crypto twitter all day.
You are mistaken about the meaning of an "attest" engagement. It can be any of these: a comprehensive (or "formal" as you put it) audit, a review, a compilation or an agreed-upon procedures report. Would be useful to clarify which type of financial statement or report was issued by Armanino, because there are specific representations being made and responsibilities of the firm for each.
You should use correct terminology, otherwise your assertions about that accounting firm could be misleading.
Very good points! I definitely glossed over this a bit. Armanino and other firms refer to these as attestations, but they are agreed-up procedures reports. Will add clarification once I get a chance.
👋 Armanino is probably having very difficult conversations with its insurers right now -- being implicated in an SEC suit will do that to you!
So one wonders if they got an ultimatum to either drop the entire unit or else face astronomical rate hikes or lose coverage altogether.
I don't have any specific knowledge of the situation, this is just speculation.
Great piece, as all the others from Dirty Bubble have been, on the unfolding FTX fiasco. Quick question: what was the effective date of Armanino's audit (and all clear) of FTX's books? Don't think I saw that in the piece and certainly would like to know how current that review was....
I’m *shocked* that Binance uses Armanino too....
A bit surprised by this article. I really enjoy your work and it has been a spark for many works. Here, nonetheless, I miss the usual depth. No criticism, just a thought. Have a look at the work of https://twitter.com/criptodaisy/status/1603284169378889730?s=20&t=6el-mqaOmQ_xVWWQXF15Dw (download 80 pages pdf). You may get inspired, as I was.
I tried to read a (translated) copy of that 80 page article.
It’s a huge amount of conjecture and theory covered by loads of disclaimers that it’s not reporting or journalism etc. huge rabbit holes potentially conspiracy theories.
Really appreciate the work by dirty bubble media for simplifying the subject and sticking to (basically) chains of evidence.
I don’t think FtX is a massive conspiracy, I think it’s a massive fraud potentially coming from arrogance and bad management. Believing success was down to their own genius and not the luck of riding the bubble up
I just think the crypto bubble, the internet, and software, allows a fraud like this to be committed on a scale that was simply unimaginable previously.
Things are moving very quickly in The Cryptocalypse right now. It's hard enough just to keep up let alone do new research. Expecting the Dirty Bubbz to give you a ton of in depth original reportage right now is kind of an unreasonable ask tbh. Sometimes you just gotta summarize WTF is going on for all the people not on crypto twitter all day.
Research takes time. A lot of time.
English version would be wonderful!
Quis audit auditores?
You are mistaken about the meaning of an "attest" engagement. It can be any of these: a comprehensive (or "formal" as you put it) audit, a review, a compilation or an agreed-upon procedures report. Would be useful to clarify which type of financial statement or report was issued by Armanino, because there are specific representations being made and responsibilities of the firm for each.
You should use correct terminology, otherwise your assertions about that accounting firm could be misleading.
Very good points! I definitely glossed over this a bit. Armanino and other firms refer to these as attestations, but they are agreed-up procedures reports. Will add clarification once I get a chance.
Sounds like more FUD to me. All conjecture and absolutely no proof of anything.
I think you have to take some break. Before your articles had some merits, now you literally parroting old news.
We all knew that nexo left USA, we all knew that Armanino quit crypto etc.
seriously nothing new. etc.
you own me 4 minutes.