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Thursday, December 1, 2022

New FTX chief slams ‘full failure of company controls’ at crypto trade

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The brand new boss of bankrupt crypto trade FTX has slammed the administration of founder Sam Bankman-Fried, saying the corporate’s monetary statements couldn’t be trusted and {that a} enterprise as soon as valued at $32bn lacked any important inside controls.

John Ray III, a veteran insolvency skilled who oversaw the liquidation of Enron, mentioned in a court docket submitting on Thursday that FTX was the worst case of company failure that he had seen in his greater than 40-year profession.

“By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary info as occurred right here,” he mentioned.

“From compromised programs integrity and defective regulatory oversight overseas to the focus of management within the palms of a really small group of inexperienced, unsophisticated and doubtlessly compromised people, this case is unprecedented.”

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