FTX had a 'complete absence of trustworthy financial information' says new CEO

Former FTX CEO Sam Bankman-Fried came in for heavy criticism from his successor.abc.net.au/news/ftx-bankruptcy-report-sam-bankman-fried/101671884The man appointed to administer FTX in chapter 11 bankruptcy has told a US court he is confronting an "unprecedented situation", with a total failure of corporate governance and lack of reliable financial information.

"Nearly every situation in which I have been involved has been characterised by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity,""Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

FTX collapsed spectacularly over the past few weeks, less than three years after the cryptocurrency exchange — set up by tech wunderkind Sam Bankman-Fried and his partners Zixiao "Gary" Wang and Nishad Singh — commenced operating in May 2019.

F*ck. He and his partners started the company in a country with no laws, taxes or corporate regulation precisely to avoid oversight of what they did. You all are so focused on avoiding regulation of what is speculation that anyone can rob you blind until they cash out.

BS

Not a mention of the Democrat party & the fact FTX was a major donor. No mention of his use of social justice issues to avoid media & regulator scrutiny or his schmoozing with Clintons et al. No ABC concerns over Mike Cannon-Brookes’ forcing social change here in Aus. either.

So blockchain is vulnerable to information inputs? Said it before…GIGO.

Dirtier than dirty. A knowing thief and conman. In deep with the Dems and the SEC. He won't....be missed.

Rubs Hands. Pure cohencidence

What, are ABC really this naive, yes 😂👍

The ABC reporting on this story...

Massive political and financial corruption by the Democrats.

Is this what 'unregulated' looks like? Or just top tier democrat donors?

I searched the article for mention of how Democrats sent taxpayer money to Ukraine, who then sent millions to FTX, who then sent money back to Democrats for their slush funds. Nothing. Even during a war, Ukraine is laundering money for Democrats - and no mention from the ABC.

People should follow ErikVoorhees on SBF as he debated him on a couple of weeks back.

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