As the FTX saga drags into its second week, details of alleged mismanagement are starting to flood in — with more than a billion dollars in customer funds reportedly going missing even before the recent hack.

During a meeting held with several FTX executives in the Bahamas capital Nassau on Nov. 7, Reuters reported then-CEO Sam Bankman-Fried pulled up spreadsheets showing FTX had over time moved roughly $10 billion in client funds to sister firm Alameda Research.

Between $1 billion and $2 billion of those funds were unaccounted for among Alameda’s remaining assets — meaning they had effectively vanished, according to the report which cited sources familiar with the matter.

(By Sebastian Sinclair)