Anti-crisis manager who dealt with the bankruptcy of Enron will take over the FTX crypto exchange
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The new CEO of the bankrupt crypto exchange FTX, John Ray, recently started to fulfill the duties of this post, declared about the “unprecedented and complete failure of corporate control and the absolute absence of credible financial information” in the company. He wrote about it in a statement to the Delaware District Bankruptcy Court.
Mr. Ray has extensive experience in crisis management, having worked on many bankruptcies, including Enron, which was one of the biggest corporate scandals in modern history. According to him, he has not seen such a terrible state of the company in all his 40 years of experience in restructuring.
FTX’s troubles began in early November when it became aware of the exchange’s liquidity problems. After that, the FTT token of this exchange collapsed, the exchange itself announced filed for bankruptcy, and its founder, Sam Bankman-Frida, stepped down as CEO. Mr. Ray, who was involved in the restructuring of the company, said that it did not have enough competent specialists in cybersecurity, HR, as well as accounting and auditing. He noted that he does not trust FTX financial reports.
Read more in the material “Cryptocurrency fell under bankruptcy”.
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