The past decade has seen the explosive growth in the cryptocurrency market and the exchange entities that have evolved to facilitate trading in cryptocurrencies. The sudden collapse of the FTX cryptocurrency exchange, as a result of alleged fraudulent activity at the highest levels in history, has exposed the impact of the lack of regulatory compliance in this evolving marketplace. This scenario has created an unprecedented opportunity and responsibility for the CPA profession to educate the public on this “buyer beware” world of digital assets. This presentation will help you understand the underpinnings of the collapse of the FTX exchange.
After attending this presentation, you will be able to:
The major topics covered in this course include:
The FTX rise and fall timelineFundamental issues with the FTX business model that caused its collapse Internal controls issues with cryptocurrency companies Lack of standardized accounting rules in the cryptocurrency industry Red flags in the FTX audit reports
Anyone who wants to gain a better understanding of the cryptocurrency marketplace from the perspective of what happened at FTX.