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Tuesday, Nov 29, 2022

FTX Advisers Find ‘Only a Fraction’ of Company’s Crypto Assets

Advisers now overseeing the ruins of Sam Bankman-Fried’s FTX Group are struggling to locate the company’s cash and crypto, slamming poor internal oversight and record keeping at the now-bankrupt company.
Advisers overseeing the ruins of Sam Bankman-Fried’s FTX Group laid bare a stunning list of allegations against the company’s former leadership Thursday, slamming non-existent oversight and the misuse of client funds as they struggle to locate billions of dollars in missing assets.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” John J. Ray III, the group’s new chief executive officer who formerly oversaw the liquidation of Enron Corp., said in a sworn declaration submitted in bankruptcy court.
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