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Sam Bankman-Fried's failed FTX business empire misused customer funds and lacked trustworthy financial statements or any real internal controls, according to the new boss of the collapsed $32 billion crypto exchange.
John Ray III, a veteran insolvency professional who oversaw the liquidation of Enron, said in a US court filing on Thursday that FTX was the worst case of corporate failure that he had seen in his more than 40-year career.
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," he wrote.
The statement underlined the chaos and mismanagement at the heart of what was once a leading crypto industry player with deep ties in Washington DC. The demise of Bankman-Fried's FTX empire has plunged crypto markets into a crisis. Bankman-Fried did not immediately respond to a request for comment on the new filing.
Ray said he had found at FTX international, FTX US and Bankman-Fried's Alameda Research trading company "compromised systems integrity," "faulty regulatory oversight," and a "concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals."
The scathing filing in the federal bankruptcy court in Delaware painted a picture of severe mismanagement by Bankman-Fried at FTX, a company that raised billions of dollars from top-tier venture capital investors such as Sequoia, SoftBank and Temasek.
FTX failed to keep proper books, records, or security controls for the digital assets it held for customers; used software to "conceal the misuse of customer funds"; and gave special treatment to Alameda, said Ray, adding that "the debtors do not have an accounting department and outsource this function."
He said the company did not have "an accurate list" of its own bank accounts, or even a complete record of the people who worked for FTX. He added that FTX used "an unsecured group email account" to manage the security keys for its digital assets.
(Score: 0, Troll) by Anonymous Coward on Friday November 18 2022, @02:27PM (6 children)
(Scott Adam's) Hoax Quiz:
How many of these hoaxes do you still believe are true?
1. Russia Collusion Hoax
2. Steele Dossier hooker story
3. Russia paying bounties on US soldiers in Afghanistan
4. Trump called Neo-Naizs "Fine People"
5. Trump suggested drinking/injecting bleach to fight COVID
6. Trump overfed koi fish in Japan
7. Trump cleared protestors with tear gas for a bible photo op
8. Hunter's laptop was Russian disinformation
9. Elections were fair because no court found major fraud
10. January 5th was an "insurrection" to overthrow the government
11. Trump tried to grab the steering wheel of The Beast
12. Border Patrol Agents whipped illegal border crossers
13. Trump stored nuclear secrets at Mar-a-Lago
14. Governor Whitmer kidnapping plot
I'll add a couple of my own:
Jussie Smallet was attacked by "MAGA" people
Bubba Smith was "threatened" with a "noose"
The Covington High School kids were attacking a Native American who was just minding his own business
Kyle Rittenhouse was the aggressor and was attacking black people
The COVID vaccine will prevent you from getting COVID
(Score: 2, Informative) by Anonymous Coward on Friday November 18 2022, @04:21PM
Wow, is that really his list? I haven't read his comic in 25 years, but Adams used to seem kind of clever. I didn't realize what a complete idiot he is, or at least useful idiot.
#7 is pretty funny when it was all caught on lots and lots of film. They even brought in helicopters to use against US citizens, and flew in the 82nd Airborne to want to use them, but the Defense Secretary purposely didn't let them leave Andrews to go to DC.
(Score: 4, Informative) by DeathMonkey on Friday November 18 2022, @06:37PM (1 child)
GOP operative convicted in scheme to funnel Russian money into Trump campaign [axios.com]
(Score: -1, Troll) by Anonymous Coward on Saturday November 19 2022, @04:42AM
That is clearly a left leaning news site. Given the level of conspiracy theory and bullshit from both sides that link proves nothing to anyone. Democrats will see it as proof of Trumps collusion with Russia, despite this quote from the story;
while Republicans will see it as Leftist media crucifying someone for supporting Trump.
The divide has gone deep enough that neither side will trust anything the other side said. If you want to convince someone of something you will need to provide links to media they trust, not something that can be immediately dismissed as partisan for the other side.
(Score: -1, Troll) by Anonymous Coward on Saturday November 19 2022, @06:21AM (2 children)
1. Russia Collusion Hoax
That was to cover up HRC's murder of Seth Rich, the real leaker to wikileaks.
2. Steele Dossier hooker story
Hoax. Given the level of attack on Trump, if they had anything it would have come out.
3. Russia paying bounties on US soldiers in Afghanistan
Hoax. Not sure what the point of it was though.
4. Trump called Neo-Naizs "Fine People"
Hoax. He said some of the people protesting the removal of statues were fine people.
5. Trump suggested drinking/injecting bleach to fight COVID
Hoax. He said "Bleach and UV kill the virus on contact. Wouldn't it be nice if we could find something that would do the same inside the body."
6. Trump overfed koi fish in Japan
Never heard that one. Googled it. Story from CNN making a big fuss about him being rude and overfeeding the fish, and then found this, https://mobile.twitter.com/RagesFury/status/927460234007805952 [twitter.com] He only dumped the box after Abe dumped his box first. Whole story was garbage.
7. Trump cleared protestors with tear gas for a bible photo op
He did clear protesters and had a photo op. Don't know who used the tear gas, but decisions like that don't generally get all the way up to the president.
8. Hunter's laptop was Russian disinformation
Hunter's laptop was not only true, it was suppressed by the FBI and ignored by the media.
9. Elections were fair because no court found major fraud
No court proved fraud. Either there was no fraud or the fraud was successful. Good luck convincing either side.
10. January 5th was an "insurrection" to overthrow the government
I assume you mean 6th. It was a riot, assault and vandalism, but if a bunch of idiots armed with signs and loud voices could overthrow the government then the government deserved it.
11. Trump tried to grab the steering wheel of The Beast
Isn't The Beast the prez's limo? He sits in the back, how could he even attempt to grab the wheel?
12. Border Patrol Agents whipped illegal border crossers
Sounds likely. I have personal knowledge of people who were beaten by cops. BP agents are going to be at least as bad as regular cops.
13. Trump stored nuclear secrets at Mar-a-Lago
There was a lot of stuff they seized during that raid. Seems likely there was nuclear stuff amongst it.
14. Governor Whitmer kidnapping plot
Sounded like a lone nutjob, but I didn't pay much attention to it.
(Score: 0) by Anonymous Coward on Sunday November 20 2022, @08:14AM (1 child)
OK STFU now.
"Suppose that we hit the body with a tremendous, whether it's ultraviolet or just very powerful light," Trump said, adding: "Supposing you brought the light inside the body, which you can do either through the skin or in some other way... Is there a way we can do something like that by injection inside or almost a cleaning?"
(Score: 1, Touché) by Anonymous Coward on Sunday December 04 2022, @12:23AM
Whereas all the media reported he said "if you get COVID you should inject bleach".
Which paraphrase is closer to your quote?