According to FTX Debtors, the report is based on information gleaned from terabytes of data and more than a million documents that were reviewed. ftx alamedaresearch
FTX Debtors Unveil Report That Identifies and Discusses Control Failures by Sam Bankman-Fried Led Management
FTX Debtors said on April 9 that it had released a report that “identifies and discusses control failures” by Sam Bankman-Fried and his colleagues when they ran the collapsed cryptocurrency exchange. John Ray, the CEO of the FTX Debtors, said the FTX Group “was tightly controlled by a small group of individuals who falsely claimed to manage it responsibly.”FTX Debtors, an organization comprising entities that filed for bankruptcy protection in the U.S.
We are releasing the first report in the spirit of transparency that we promised since the beginning of the Chapter 11 process. In this report, we provide details on our findings that FTX Group failed to implement appropriate controls in areas that were critical for safeguarding cash and crypto assets.
Ray also vowed to continue reviewing factors that led to FTX’s collapse as well as to identify and recover “as much value as possible for creditors.”Before unveiling the latest report, FTX Debtors had revealed in anthat an overview of the collapsed crypto exchange’s assets and liabilities showed a $6.8 billion gap. At the time, FTX Debtors also said they had uncovered significant financial and accounting discrepancies.
Meanwhile, in its press release, FTX Debtors suggested the recently unveiled report would become the “first in a series regarding pre-petition events and issues that preceded the Chapter 11 cases.”
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