La bankruptcy of Ftx, the American cryptocurrency trading platform, continues to reveal disturbing details about the running of the company founded by Sam Bankman Fried. “In 40 years of career, I have never seen such a thing”, is the clear and unequivocal comment in its harshness of John Ray, new chief executive of Ftx, on the cryptocurrency trading platform, which has filed for an assisted bankruptcy.
In a document submitted to bankruptcy court of Delaware, Ray wrote that he has never seen “such a complete lack of controls corporate and such a and total lack of reliable financial information like here". Radiocor writes it in giving an account of the latest news on the incredible story of the Ftx platform which involved 1 million savers in its crash, 100.000 of whom were Italian.
And to say that John Ray is not a novice manager. His resume also includes the restructuring of the energy giant Enron, at the time (2001) the largest corporate bankruptcy in US history. Well, the manager wrote that he "has no confidence" in the accuracy of the financial statements of FTX and its related company Alameda Research. He then harshly attacked the former CEO, Sam Bankman-Fried, and his leadership team: "The concentration of control in the hands of a very small group of individuals inexperienced, crude and potentially compromised” is “unprecedented”. Finally, Ray wrote that "a substantial part" of the assets held by FTX has "been lost or stolen".
