FTX bankruptcy, CEO John Ray: “Never seen a bankruptcy like this in 40 years”

FTX bankruptcy CEO John Ray Never seen a bankruptcy like

(Tiper Stock Exchange) – A flop of corporate controls like the one that came to light in FTXthe cryptocurrency exchange that went bankrupt a few days ago, it had never been seen before. She stated it John Ray, the new CEO of the company which is now under the procedure laid down by Chapter 11which regulates a controlled bankruptcy with continuation of operational management in an attempt to achieve a recovery.

And Ray knows about fraud, because in his curriculum there is also the task of liquidator of Enronthe Texan multinational active in the energy sector, went bankrupt about twenty years ago, one of the biggest cracks in Wall Street history.

According to the findings of the new management, FTX expenses were approved by sending an emoji on an internal chat. “Never in my career have I seen a so complete failure of controls business and such a total absence of reliable financial information as has occurred here,” said Ray.

The new CEO said he don’t trust financial information at all released by his predecessor and founder of FTX, Sam Bankman-Fried, especially i unaudited quarterly financial statements of FTX and information about related company Alameda Research, and said it has already identified unauthorized transfers for 372 million of dollars.

The collapse of FTX could have involved 100,000 creditors in the USA alone, which could reach 1 million considering all the satellite companies, and around 9 billion in debt.

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