Bankrupt FTX's new CEO outlines fund abuses, untrustworthy records

"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," says new FTX CEO John Ray. – Reuters

BENGALURU: The executive hired to steer FTX Group through bankruptcy offered his first findings of improper fund transfers and poor accounting at the collapsed crypto exchange on Thursday, describing it as a "complete failure" of controls.

John Ray, who was named FTX's chief executive after the company filed for bankruptcy on Nov 11, said in a court filing that the lapses in oversight, security and corporate governance he identified were greater than in any other process he has managed in his 40 years as a bankruptcy specialist, including at Enron.