The new CEO and restructuring officer of FTX issued a searing indictment of the company’s operations in a court filing as part of the company’s ongoing bankruptcy process. “Never in my career have I seen such a complete failure of corporate controls.'
that two unnamed sources said more than $1 billion in client funds may be missing. NBC News has not verified those reports.Bankman-Fried and FTX did not immediately respond to requests for comment.
It has so far only secured $740 million of its cryptocurrency, “a fraction of the digital assets of the FTX Group that they hope to recover.” In part, he said, that’s because Bankman-Fried instituted a culture of not keeping communications records. But it’s also not clear who worked for the company and in what capacity, he said. “At this time, the Debtors have been unable to prepare a complete list ofworked for the FTX Group as of the Petition Date, or the terms of their employment. Repeated attempts to locate certain presumed employees to confirm their status have been unsuccessful to date.”
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