Home Crypto New FTX CEO Calls the Crypto Exchange’s Corporate Control a ‘Complete Failure’

New FTX CEO Calls the Crypto Exchange’s Corporate Control a ‘Complete Failure’

by CryptoFan
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Alameda’s quarterly financial statements were never audited, he said. However, according to financial information in the filing, Alameda has a total of about $3.3 billion for Bankman Freed and the entities he controls, and about $600 million for two other FTX executives, Nishad Singh and Ryan Salaam. financed.

Ray said that since taking office last week, his team has secured around $740 million worth of cryptocurrency belonging to various businesses at FTX. But he said the amount was “a fraction” of the amount he hoped to recover, and said he had hired forensic analysts and blockchain experts to help find the remaining funds. The execution on FTX owes the company an estimated $8 billion in debt, according to people familiar with the matter.

Poor management permeated the company, Ray said.

Ray said FTX’s HR department was disorganized and his team was unable to produce a complete list of people who worked at FTX. And he said company funds were used to purchase homes and other personal items for employees and advisers without proper documentation. Supervisors used “personalized emojis” to authorize payments.

Bankman-Fried relied on a communications platform set to automatically delete messages after a certain amount of time and encouraged employees to use the same application, according to the filing, so FTX had no intention of doing so. There was no permanent record of the decision.

Ray, 63, acquired FTX on Friday. A veteran of several high-profile corporate implosions, he has a reputation as a reconstruction artist, an executive who specializes in making the most of plight. He is best known for serving as CEO of Enron during its bankruptcy, and has been involved in many other high-profile corporate restructurings. praise for him Stubborn Efforts to collect creditor funds.

FTX’s collapse was a shocking fall for Bankman-Fried, widely considered one of the most trusted figures in the freewheeling and loosely regulated cryptocurrency industry.

Once worth as much as $24 billion, Bankman-Fried has become a frequent speaker in Congress, testifying about the future of the cryptocurrency industry and trying to pass laws governing the industry. He has alongside famous actors and athletes, and even appeared in the Bahamas at a meeting with former President Bill Clinton and former British Prime Minister Tony Blair. He is also a prolific and popular political donor, donating more than $5 million of his money to President Biden’s 2020 campaign.

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