FTX bankruptcy filing reveals staggering mismanagement

A new court filing concerning the bankrupt Sam Bankman-Fried’s companies has revealed a crypto empire that was massively mismanaged and possibly fraudulent – a “complete failure of corporate controls”.

“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,” FTX’s new CEO, John J. Ray III, wrote in a court filing on Thursday.

In the court filing, numerous nefarious findings came out.