FTX's bankruptcy filings show the situations is much worse than anyone thought. From a million creditors to a stunning lack of oversight, here are the craziest details.

FTX, once worth $32 billion, went bankrupt. It's a big deal.

Sam Bankman-Fried, the CEO of the third largest coin exchange, filed for bankruptcy a few days after he was bombarded with rumors of insolvency on social media. It became worse.

John Ray III, the new CEO of FTX, oversaw the collapse of Enron in 2001. There was a complete failure of corporate controls and a complete lack of trustworthy financial information here.

That's saying something, from the guy who was in charge of the clean up of the financial scandal.

Many of the retail clients of FTX may be left out in the cold after the collapse of the exchange.

Even though former FTX CEO Sam Bankman-Fried continues to use social media, the company's losses are expected to be over ten billion dollars.

There are a lot of crazy details from the chapter 11 bankruptcies this week.

FTX's balance sheet was a nightmare

Bankman-Fried claimed on social media that FTX had $5 billion in "less liquid" coins.

According to the filing, FTX's holdings have a fair value of $659,000. The market has been volatile since that time.

The internal numbers were going to be awful, given that FTX founder Sam Bankman-Fried caveated multiple storms about the finances of FTX as "approximate" and "to the best of my knowledge"

Bankman-Fried and Co. received $3.3 billion in loans from Alameda Research

Alameda Research, the sister company of FTX, lent $1 billion to Sam Bankman- Fried. Paper Bird Inc., which Bankman- Fried owns a majority stake in, received another loan from Alameda.

The head of engineering at FTX and the head of FTX digital markets got loans from Alameda. It isn't likely that those loans will be paid back in the near future.

FTX didn't have an accounting department

FTX had compromised internal systems, faulty regulatory oversight, and inexperienced and unsophisticated people in charge of the company's finances according to the Chapter 11 filing by Ray. It's amazing that the company doesn't have an accountant in charge of its finances, a company that used to be worth $32 billion.

It will be some time before reliable historical financial statements can be prepared for the FTX Group with which I am comfortable as Chief Executive Officer. The debtor doesn't have an accounting department and can't rely on previous financial statements.

The auditing company had offices in the metaverse.

FTX could have more than a million creditors 

Try to add that number by 10.

There could be more than one million debts in the Chapter 11 cases.

FTX may have used corporate funds to buy homes for employees

In the Bahamas, corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisers, according to the filing.

There doesn't seem to be proper documentation for some of these transactions, and certain real estate assets were recorded in the personal name of FTX employees and advisors, even though it was purchased with money from FTX.

SBF's biggest regret is filing for bankruptcy in the first place

Bankman- Fried's biggest mistake is the fact that he filed for chapter 11 in the first place.

Bankman- Fried told a reporter that the people in charge of FTX were trying to burn it all to the ground.

What was my biggest mistake? Bankman- Fried spoke. Everyone told me to do something. He said he was talking about Chapter 11.