FTX advisers find ‘only a fraction’ of company’s crypto assets

2022/11/17 14:29

According to Bloomberg, advisers now overseeing the carcass of Sam Bankman-Fried’s FTX Group are struggling to locate the company’s cash and crypto, citing poor internal controls and record keeping.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” John J. Ray III, the group’s new chief executive officer who formerly oversaw the liquidation of Enron Corp., said in a sworn declaration submitted in bankruptcy court.
New CEO says cash wasn’t centrally managed, $560 million found. Advisers have secured in cold wallets $740 million of crypto.

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