New FTX boss, who worked on Enron bankruptcy, condemns ‘unprecedented failure’

FTX’s collapse has shaken the cryptocurrency market to its core and already sparked international regulatory inquiries and a lawsuit. Photograph: Marco Bello/Reuters

In a stinging court filing posted on Thursday, John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.

Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.