The man appointed to administer the collapsed crypto exchange in chapter 11 bankruptcy, who oversaw the clean-up after Enron's collapse, says he has never seen 'such a complete failure of corporate controls'.
Former FTX CEO Sam Bankman-Fried came in for heavy criticism from his successor.abc.net.au/news/ftx-bankruptcy-report-sam-bankman-fried/101671884The man appointed to administer FTX in chapter 11 bankruptcy has told a US court he is confronting an "unprecedented situation", with a total failure of corporate governance and lack of reliable financial information.
"Nearly every situation in which I have been involved has been characterised by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity,""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.
FTX collapsed spectacularly over the past few weeks, less than three years after the cryptocurrency exchange — set up by tech wunderkind Sam Bankman-Fried and his partners Zixiao "Gary" Wang and Nishad Singh — commenced operating in May 2019.
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