These are the 5 most damning things FTX’s new CEO has to says about Sam Bankman-Fried
Sam Bankman-Fried’s management of FTX was an “utter failure” that lacked any level of financial control and allowed his family-office trading vehicle, Alameda Research, to raid the crypto exchange’s coffers to make unlimited risky bets, which then blew the company up.
“The... Sam Bankman-Fried’s management of FTX was an “utter failure” that lacked any level of financial control and allowed his family-office trading vehicle, Alameda Research, to raid the crypto exchange’s coffers to make unlimited risky bets, which then blew the company up. “The FTX Group’s collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets,” Ray is set to say in prepared remarks to Congress on Tuesday.
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