The new CEO of failed crypto exchange FTX has some harsh words for his predecessor, Sam Bankman-Fried.
John J Ray III, who previously oversaw restructuring efforts at historic corporate failures such as Enron, explained in a declaration supporting the FTX bankruptcy proceedings that:
„Niekada per savo karjerą nemačiau tokios visiškos įmonės kontrolės nesėkmės ir tokio visiško patikimos finansinės informacijos nebuvimo, kaip čia nutiko.
And while he wasn’t impressed with SBF and his tight-knit team of insiders, he had precious little to celebrate at any level — including failed regulatory systems in his initial assessment of situacija at FTX:
„Nuo pažeidžiamo sistemų vientisumo ir klaidingos reguliavimo priežiūros užsienyje iki kontrolės koncentracijos labai mažos nepatyrusių, neįmantrių ir potencialiai pažeistų asmenų grupės rankose – tokia situacija yra precedento neturinti.
Following what appeared to be a hack shortly after the bankruptcy was filed, Ray noted that “the implementation of accounting, audit, cash management, cybersecurity, human resources, risk management, data protection and other systems that did not exist, or did not exist to an appropriate degree, prior to my appointment” was a priority.
The absence of appropriate cybersecurity measures will be galling to those who lost money in the collapse of FTX.
One of the more startling detalės iš bankroto procedūra so far is FTX now declaring the value of its remaining assets at a mere $659,000.
Former CEO Bankman-Fried had previously valued its assets at $5.5 billion.
Bankman-Fried has issued a series of erratic tweets in the days since his crypto empire fell apart, prompting the official FTX Twitter account to note, tersely, that
“As previously announced, Mr. Bankman-Fried resigned on November 11 from @FTX_Official, FTX US, Alameda Research Ltd. and their directly and indirectly owned subsidiaries.
Mr. Bankman-Fried has no ongoing role at @FTX_Official, FTX US, or Alameda Research Ltd. and does not speak on their behalf.”
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Source: https://blockworks.co/news/worse-than-enron-sbfs-ftx-has-a-complete-absence-of-trustworthy-information