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FTX’s New Boss Reveals Chaos Left Behind by Bankman-Fried

  • John J. Ray alleges effort to conceal misuse of customer funds
  • Advisers have secured $740 million of crypto in cold wallets
Bloomberg business news
New FTX CEO Can't Find Missing Cash and Crypto
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Advisers overseeing the ruins of Sam Bankman-Fried’s FTX Group laid bare a stunning list of allegations against the company’s former leadership Thursday, slamming non-existent oversight and the misuse of client funds as they struggle to locate billions of dollars in missing assets.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” John J. Ray III, the group’s new chief executive officer who formerly oversaw the liquidation of Enron Corp., said in a sworn declaration submitted in bankruptcy court.