The latest revelations about collapsed cryptocurrency exchange FTX show a company that was even more shambolically managed than was known or even thought possible. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information," said John Jay Ray III, the new FTX CEO who's been appointed to oversee the company's bankruptcy, in Thursday court filings.
Ray, a veteran of corporate bankruptcies including Enron, described the management practices of FTX and its related companies as "unacceptable," "unprecedented," and "historical" (but not in a good way).
