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The saga of Sam Bankman-Fried‘s bankrupt crypto empire isn’t just about collapsing tokens, missing billions and sunny offshore tax havens; there were also red flags in its books, the Wall Street Journal reported. At the core of FTX Trading Ltd.’s financial statements was a series of related-party transactions. But the company didn’t say who those parties were. On its balance sheet, the largest asset as of Dec. 31 was a “related party receivable” valued at $1.2 billion, or 44% of its assets. Its liabilities included a $362 million “related party payable.” FTX Trading last year paid $250 million, or 25% of its revenue, to an unnamed related party for “software royalties,” as previously reported by The Wall Street Journal, which viewed the documents. As a closely held company, FTX Trading didn’t disclose its financial statements publicly, though they were shared with investors. In a footnote to the financial statements, the company said its “primary shareholder is also the primary shareholder of several related entities which do business with the company.” It didn’t say who the related parties were for any specific transaction it disclosed.

FTX in an emergency court filing yesterday said that evidence suggests Bahamian regulators directed former CEO Sam Bankman-Fried to gain “unauthorized access” to FTX systems to obtain digital assets belonging to the company after it had filed for bankruptcy protection, CNBC.com reported. The filing said that Bankman-Fried transferred those assets to the custody of the Bahamian government. It cites an interview published by Vox on Wednesday where Bankman-Fried expresses serious disdain for regulators. “F--- regulators,” he said in the interview. “They make everything worse. They don’t protect customers at all.” “You know what was maybe my biggest single f----p?” he asked. “Chapter 11.” The accusations were made by FTX in a motion in the U.S. Bankruptcy Court in Delaware. In that motion, FTX said the alleged conduct puts “in serious question” a request by Bahamian regulators for recognition as liquidators in the bankruptcy.