FTX Advisers Find ‘Only a Fraction’ of Company’s Crypto Assets

Advisers now overseeing the ruins of Sam Bankman-Fried’s FTX Group are struggling to locate the company’s cash and crypto, slamming poor internal oversight and record keeping at the now-bankrupt company.

Advisers overseeing the ruins of Sam Bankman-Fried’s FTX Group laid bare a stunning list of allegations against the company’s former leadership Thursday, slamming non-existent oversight and the misuse of client funds as they struggle to locate billions of dollars in missing assets.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” John J. Ray III, the group’s new chief executive officer who formerly oversaw the liquidation of Enron Corp., said in a sworn declaration submitted in bankruptcy court.

MOCTEN

 

In January 1993, EUNET launched the first online news website, MOCTEN.com (stands for Music Opinions Culture Technology Economy News), led by Eric Bach, Teus Hagen, Peter Collinson, Julf Helsingius, Daniel Karrenberg,...  Read more

×