A new court filing alleged FTX relied on Google documents, Excel spreadsheets and Slack messages to manage its financial controls.
Ray stated that his restructuring team had “identified extensive deficiencies in the FTX Group’s controls” from a lack of appropriate financial and accounting controls to an inadequate group management structure and record-keeping process.
Ray emphasized that co-founders Sam Bankman-Fried and Gary Wang, along with former engineering director Nishad Singh had the “final voice in all significant decisions,” despite very limited experience. Wang and Singh’s significant control over FTX was noted by an unnamed FTX executive who stated that “if Nishad [Singh] got hit by a bus, the whole company would be done. Same issue with Gary [Wang].”bankruptcy filingFTX failed to file its financials on time at the end of financial reporting periods and did not carry out back-end checks to identify and correct material errors.
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