FTX’s bankruptcy filing in the federal bankruptcy court on Thursday revealed many crazy things, like that most of FTX’s digital assets have not been secured.
The demise of Sam Bankman-crypto Fried's empire was soberly assessed by John Ray, III, the new CEO of FTX, in a long-awaited declaration that was filed in a bankruptcy court in the United States on Thursday. An explosive series of events, including the disclosure of texts Bankman-Fried sent to a Vox reporter earlier this week, led to the bankruptcy court filing.
With his 40 years of expertise in the legal and restructuring fields, including his time as chief restructuring officer and CEO of Enron, one of the biggest corporate disasters in history, Ray set the tone for what he has discovered since FTX filed for bankruptcy protection last week.
“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 wrote. “Thi...