FTX CEO tells of “complete failure of corporate controls”
The pair showed acclimatization to events around the FTX insolvency, the latest including revelations that Alameda Research had been immune from liquidation while trading on the platform.
After the departure of Sam Bankman-Fried, new CEO John Ray III wasted no time in acknowledging the extent of the problems left in his wake.
In a filing with the U.S. Bankruptcy Court for the District of Delaware, Ray describes the corporate control of FTX as a “complete failure.” He wrote:
“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.”