The new chief executive of FTX, an insolvency professional who oversaw the liquidation of Enron, has said that the bankruptcy of the crypto group is the worst case of corporate failure he has seen in more than 40 years.
John Ray III, who was appointed to run the FTX bankruptcy, said in a US court filing that he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information”.
The statement underlined the chaos and mismanagement at the heart of Sam Bankman-Fried’s collapsed $32bn crypto exchange, which has plunged digital asset markets into crisis. Bankman-Fried did not immediately respond to a request for comment on the new filing.
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