New FTX CEO: I've never seen 'such a complete failure of corporate controls'
The executive hired to steer FTX Group through bankruptcy offered his first findings of improper fund transfers and poor accounting at the collapsed crypto exchange on Thursday, describing it as a "complete failure" of controls. John Ray, who was named FTX's chief executive after the company filed for bankruptcy on Nov. 11, said in a court filing that the lapses in oversight, security and corporate governance he identified were greater than in any other process he has managed in his 40 years as a bankruptcy specialist, including at Enron.
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