New CEO Calls , the FTX Scandal, 'Unprecedented'.
According to the man previously tasked with
cleaning up the Enron scandal, the
still-unfolding FTX scandal is even worse.
According to the man previously tasked with
cleaning up the Enron scandal, the
still-unfolding FTX scandal is even worse.
'Time' reports that John Ray III, the new CEO of the now-bankrupt cryptocurrency firm, called the situation a "complete failure" of corporate control.
'Time' reports that John Ray III, the new CEO of the now-bankrupt cryptocurrency firm, called the situation a "complete failure" of corporate control.
Ray reportedly paints a grim
picture of FTX's operations under , founder Sam Bankman-Fried.
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, John Ray III, New CEO of FTX, via 'Time'.
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, John Ray III, New CEO of FTX, via 'Time'.
From compromised systems integrity
and faulty regulatory oversight abroad,
to the concentration of control in the hands
of a very small group of inexperienced,
unsophisticated and potentially
compromised individuals,
this situation is unprecedented, John Ray III, New CEO of FTX, via 'Time'.
From compromised systems integrity
and faulty regulatory oversight abroad,
to the concentration of control in the hands
of a very small group of inexperienced,
unsophisticated and potentially
compromised individuals,
this situation is unprecedented, John Ray III, New CEO of FTX, via 'Time'.
Ray took over as CEO of the company on Nov. 11
as it was on the brink of collapse and Bankman-Fried was convinced to give up control.
Ray took over as CEO of the company on Nov. 11
as it was on the brink of collapse and Bankman-Fried was convinced to give up control.
Prior to Ray taking over, FTX filed for bankruptcy protection after the embattled cryptocurrency exchange , came up billions of dollars short.
According to FTX's bankruptcy filing,
the company had over 130 affiliated
companies around the world.
According to FTX's bankruptcy filing,
the company had over 130 affiliated
companies around the world.
The crypto exchange valued
its assets somewhere between , $10 billion and $59 billion.
FTX also had, and has since lost, a number
of major sports sponsorships, including
Formula One and Major League Baseball.
FTX also had, and has since lost, a number
of major sports sponsorships, including
Formula One and Major League Baseball