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Latest FTX Report Shows How Bad Things Really Were

Published 04/10/2023, 01:15 PM
Updated 04/10/2023, 01:30 PM
Latest FTX Report Shows How Bad Things Really Were

  • FTX report unveils more details about Sam Bankman-Fried’s hold on the exchange.
  • The report highlights the causes of the collapse, as well as the incompetence of FTX management.
  • FTX CEO John Ray’s scathing remarks echo throughout the report.
Failed crypto exchange FTX once presented itself as a model player in the industry. Its bankruptcy, and the investigation of its founder Sam Bankman-Fried, revealed that it was a mirage. Now, a new document shows just how bad things really were.

The latest report released by FTX debtors has revealed shocking details about the company's inner workings. The report highlights a "hubris, incompetence, and greed" culture on an “unprecedented scale.”

According to the report, FTX lacked even the most fundamental financial and accounting controls.At the same time, the exchange and its founder...

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