Crypto

New FTX Chief Slates ‘Complete Failure of Corporate Control’

 

FTX’s new chief executive officer, John Ray, has slammed the quality of oversight at the bankrupt crypto exchange, a court filing revealed on Thursday.

“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.

Ray also criticised his predecessor and FTX co-founder Sam Bankman-Fried for making “erratic and misleading public statements”.

 

Also on AF: Asia Stocks Slip on Recession, Rate Hikes, Chip Supply Fears

 

FTX, which had been among the world’s largest cryptocurrency exchanges, filed for bankruptcy protection on Friday after panicked traders withdrew $6 billion from the platform in just 72 hours. Earlier rival exchange Binance also abandoned a rescue deal.

Vox on Wednesday published an interview with Bankman-Fried where he said he regretted his decision to file for bankruptcy protection and criticised regulators.

He later attempted to douse the fire, saying the basis of the interview was an exchange of messages that was not supposed to be public.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Singapore’s Temasek to Write Down $275m FTX Investment

Bankrupt Crypto Exchange FTX Could Have 1 Million Creditors

$1.7 Billion of Clients’ Funds ‘Missing’ After FTX Collapse

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

Recent Posts

VW Vows to Stay Ahead as China EV Revolution Gathers Pace

Volkswagen executive Stefan Mecha said the firm is committed to investing $16.26 billion in the…

6 hours ago

China Developer Sunac Posts $2 Billion 2022 Core Loss

The real estate firm was among many Chinese developers that defaulted last year as the…

8 hours ago

China’s Huawei Claims ‘Crisis is Over’ After Revenue Rise

The firm said it was now "out of crisis mode” following years of painful US…

9 hours ago

China to Check US Chip-Maker Micron Products in Security Review

The Cyberspace Administration of China said the move was aimed at protecting supply chains and…

1 day ago

Elon Musk Seen Hoping to Meet China PM on Next Visit

Musk met Li Qiang in 2019 when he was party secretary in Shanghai. Sources say…

1 day ago

Russia Wants All India Trade in Rupee-Ruble – Firstpost

Increasing oil deals between the two countries have already begun to corrode the US dollar’s…

1 day ago