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The new CEO of collapsed cryptocurrency exchange FTX blasted the company in a recent court filing for a “complete failure of corporate controls” before he assumed management.
John Ray III says he has more than 40 years of experience in restructuring companies after corporate failures, including some of the largest downfalls in history, but “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” at FTX.
“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented,” Ray wrote in the court filing in the U.
