New CEO Says FTX Is the Worst Case of Corporate Failure With Untrustworthy Financial Data and Unacceptable Practices

New CEO Says FTX Is the Worst Case of Corporate Failure With Untrustworthy Financial Data and Unacceptable Practices


The new CEO of FTX, appointed after the crypto exchange filed for bankruptcy, has blasted the company under former CEO Sam Bankman-Fried. “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,” he said in a court filing.

‘Complete Failure of Corporate Controls’

John Ray III, the new CEO of FTX and a veteran insolvency professional who oversaw the liquidation of Enron, revealed in a court filing on Thursday that FTX is the worst case of corporate failure that he had seen in his more than 40-year career.

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Ray, who was appointed to replace Sam Bankman-Fried (SBF) when FTX filed for Chapter 11 bankruptcy on Nov. 11, wrote:

Never

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