FTX Failure Rooted in ‘Hubris,’ ‘Greed,’ Debtors Report Says
- Report says firm lacked fundamental controls, stifled dissent
- Employees joked about losing track of assets, report alleges
This article is for subscribers only.
Failed crypto exchange FTX Trading Ltd. lacked fundamental financial and accounting controls, stifled dissent within the company and joked internally about their tendency to lose track of millions of dollars in assets, according to a report by the company’s debtors.
The report is the first released by FTX debtors since Sam Bankman-Fried’s digital-asset empire rapidly collapsed into bankruptcy in November, with billions of dollars in customer funds lost.