FTX's new management team released its first report on what led to the cryptocurrency exchange's demise under the leadership of founder Sam Bankman-Fried.
Pete Pachal, tech analyst and CoinDesk chief of staff for content, discusses Rep. Adam Schiffs involvement in Twitters alleged censorship and Sam Bankman-Fried denial regarding the missing FTX funds.
"Despite the public image it sought to create of a responsible business, the FTX Group was tightly controlled by a small group of individuals who showed little interest in instituting an appropriate oversight or control framework," the report reads. The report says under the direction of former leadership, FTX and its affiliated entities lacked the appropriate management, governance and organizational structure necessary for its size, as well as the financial and accounting controls needed for a multibillionaire-dollar firm.
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