FTX Debtors said on April 9 that it had published a report. This report talked about how Sam Bankman-Fried and the other people running the closed cryptocurrency exchange were making mistakes and not managing things correctly. John Ray, who is the CEO of FTX Debtors, said that this exchange was really in control by just a few people but those people were not taking care of with responsibility like they said they did.
“FTX Group’s Report Details the Mismanagement of Finances”
FTX Debtors, a group of companies which went bankrupt in America, has put out a report about what “went wrong” with Sam Bankman-Fried and his team. This report was made from over a million papers and huge amounts of data that were looked at carefully. Additionally, it was based on interviews with 19 former FTX employees.
The April 9 press release said that the report was written by people who know a lot about legal stuff, cybersecurity and blockchain technology. The CEO and Chief Restructuring Officer for the company at the time John Ray spoke about it said something too.
We promised to tell you all the details since the very beginning and here it is. Our report shows that FTX Group did not manage their finances carefully enough. The people running the company did not think about putting any kind of control into place, even though they said they would.
Ray promised to look over what caused FTX to fall apart as well as he will try his best to get back as much money for the people owed to them.
FTX Debtors had said before that there is a gap worth $6.8 billion between their assets and liabilities. They also mentioned that they discovered some financial and accounting issues concerning this.
The press release also said the recently released report will be the first one in a series about situations and problems that happened before FTX filed for Chapter 11 cases.
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