Per Reuters: The executive hired to steer FTX Group through bankruptcy offered his first findings of improper fund transfers and poor accounting at the collapsed crypto exchange on Thursday, describing it as a "complete failure" of controls.
FTX’s new CEO John Ray has said: Never in my career have I seen such a complete failure
11/18/2022
John Ray, who was named FTX's chief executive after the company filed for bankruptcy on Nov. 11, said in a court filing that the lapses in oversight, security and corporate governance he identified were greater than in any other process he has managed in his 40 years as a bankruptcy specialist, including at Enron.
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in the filing, with the District of Delaware bankruptcy court.
FTX collapsed after its founder Sam Bankman-Fried used $10 billion in client funds to prop up his hedge fund Alameda Research, which had suffered losses when its bets on crypto ventures soured, Reuters has previously reported. That left FTX with insufficient funds to cover withdrawals when a plunge in the value of one of its currencies, FTT, triggered a bank run.
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