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New FTX boss criticizes crypto exchange for complete failure of corporate controls.”
The new boss of bankrupt crypto exchange FTX has criticized founder Sam Bankman-Fried's management, saying the company's financial statements cannot be trusted and that a company once valued at $32 billion lacked any significant internal controls. John Ray III, a veteran bankruptcy professional who oversaw the liquidation of Enron, said in a court filing Thursday that FTX was the worst case of corporate failure he had seen in his more than 40-year career. “Never in my career have I experienced such a complete failure of corporate controls and such a complete absence of trustworthy financial information...
New FTX boss criticizes crypto exchange for complete failure of corporate controls.”
The new boss of bankrupt crypto exchange FTX has criticized founder Sam Bankman-Fried's management, saying the company's financial statements cannot be trusted and that a company once valued at $32 billion lacked any significant internal controls.
John Ray III, a veteran bankruptcy professional who oversaw the liquidation of Enron, said in a court filing Thursday that FTX was the worst case of corporate failure he had seen in his more than 40-year career.
“Never in my career have I seen such a complete failure of corporate controls and such a complete lack of trustworthy financial information as I have seen here,” he said.
“From compromised system integrity and flawed regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, inexperienced and potentially vulnerable individuals, this situation is unprecedented.”
More to follow
Source: Financial Times