The new CEO of FTX said the company suffered a total management failure and that the mess at the cryptocurrency company is worse than any he's ever seen, including the historic scandal at Enron.
John Ray, who took over the company from embattled FTX founder Sam Bankman-Fried after it declared bankruptcy, revealed his shock at the situation in a filing in federal bankruptcy court. Ray has overseen some of the largest corporate failures in United States history, including the collapse of Enron.“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,” Ray said.
The news comes as FTX and Bankman-Fried’s spectacular fall from grace has dominated headlines in the finance and cryptocurrency spaces and has sent bitcoin spiraling downward to two-year lows as investors fret over the contagion. This week, an Oklahoma resident filed a class-action lawsuit against Bankman-Fried and several celebrities, such as Tom Brady, who were involved in promoting the FTX platform and taking advantage of what the lawsuit called “unsophisticated investors.”
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