Former FTX CEO Sam Bankman-Fried told employees that Alameda was “unauditable” and that he only had a “ballpark” idea of what its balances were – but bullied and punished staff who expressed concerns about management issues cheyenneligon reports
, filed Sunday with the U.S. bankruptcy court in Delaware, is FTX CEO John J. Ray III’s first detailed account of the control failures at the exchange since he took over after its spectacular collapse last November.
Over 45 pages, Ray’s report paints a picture of FTX and related entities as a sloppily run web of companies ruled over by Bankman-Fried and his circle of cronies, who cared little for organization or internal controls. Bankman-Fried’s internal admissions to his employees often directly contradicted his public statements, made either via Twitter or to the press.
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