The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control
In an interview with the online news outlet Vox, Bankman-Fried admitted that his previous calls for regulation of cryptocurrencies were mostly for public relations.In a terse statement, Ray said that Bankman-Fried’s statements have been “erratic and misleading” and “Bankman-Fried is not employed by the Debtors and does not speak for them.”
“In the Bahamas, I understand that corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisors. I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisors on the records of the Bahamas,” he said.
Ray was named CEO of FTX less than a week ago when the company filed for bankruptcy protection and its CEO and founder Bankman-Fried resigned. The embattled cryptocurrency exchange, short billions of dollars, sought bankruptcy protection after the exchange experienced the crypto equivalent of a bank run.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TSM and Furia cut ties with collapsed crypto company FTXBoth esports organzations had signed multi-million-dollar sponsorship deals with FTX, which fell into bankruptcy earlier this month.
Read more »
Bahamas could not have prevented FTX collapse, prime minister saysPhilip Davis indicates country has ‘not identified any deficiencies’ in crypto regulatory framework
Read more »
New FTX boss condemns crypto exchange's failureJohn Ray says there was a 'complete absence of trustworthy financial information' at the company.
Read more »
FTX: this messy bankruptcy will need years to work out\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
New FTX chief slams ‘complete failure of corporate controls’ at crypto exchange\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Mercedes F1 team left in "disbelief" over FTX collapseToto Wolff admits Mercedes has been left in 'disbelief' over the sudden collapse of F1 sponsor and crypto exchange FTX. “That shows how vulnerable the sector still is.'
Read more »