New boss calls company management of FTX a ‘complete failure’

John J. Ray III, the brand new CEO of collapsed cryptocurrency alternate FTX, stated in a chapter submitting Thursday that he had by no means seen “such a whole failure of company management” in his profession working with struggling corporations.

sir Ray helped handle Enron after its collapse in an accounting fraud scandal in 2001. “From compromised methods integrity and flawed regulatory oversight overseas, to the focus of management within the arms of a really small group of inexperienced, unsophisticated probably compromised, this case is unprecedented,” he wrote within the submitting.

FTX collapsed final week after a run of deposits uncovered a deep monetary gap within the enterprise. Final Friday, the corporate filed for chapter and its chief government, Sam Bankman-Fried, resigned.

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