FTX’s latest bankruptcy filing is a miserable read for customers. The new chief executive of the collapsed cryptocurrency exchange, insolvency veteran John Ray, uncovered giant financial gaps and signs of looting. Formidable backers such as Temasek and Sequoia could have stopped it with some basic oversight, but at least they now have a chance to never make the same sloppy mistakes again.
Bitcoin coins are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015.is a miserable read for customers. The new chief executive of the collapsed cryptocurrency exchange, insolvency veteran John Ray, uncovered giant financial gaps and signs of looting. Formidable backers such as Temasek and Sequoia could have stopped it with some basic oversight, but at least they now have a chance to never make the same sloppy mistakes again.
The September balance sheets list almost $4 billion of assets across the two main exchanges, though Ray doubts their accuracy. Most troublingly, he identified signs of what could be “very substantial” transfers of money out of the businesses shortly before it filed for bankruptcy. In other words, it’s hard to see users with funds stuck in FTX getting much of it back.
It’s clear from the documents that basic supervision, such as a functional board and heavyweight auditors, might have kept Bankman-Fried in check. The long A-list of investors, which also includes SoftBank Group
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