The total fair value of crypto held by FTX is just $659,000 as of the end of September

2022/11/21 13:16

According to Business Insider, a new bankruptcy filing shows the total fair value of crypto held by FTX International was just $659,000 as of the end of September, compared to claims from its founder Sam Bankman-Fried's that the company held $5.5 billion in "less liquid" crypto tokens. "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," new FTX CEO John Ray III, who is overseeing the liquidation of the company, said. "From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented," Ray said.

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