FTX's new boss John Ray uncovered patchy balance sheets and signs of looting at the bust crypto exchange. Formidable backers like Temasek and Sequoia would be crazy to make the same mistakes again: LiamWardProud
LONDON - 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.
Ray’s first in-depth account, submitted to the court on Thursday, reveals a brazen lack of controls and governance. Financial statements dated to Sept. 30, when founder Sam Bankman-Fried was in charge, contain no record of customer liabilities at either the U.S. subsidiary or the international division. In other words, it’s not yet clear how much money Ray should be trying to recover for creditors.
Despite the scale of the meltdown, and Bankman-Fried’s previous reputation as a savvy financial operator, there’s nothing sophisticated about the impropriety detailed in Ray’s report. FTX had no cash-management system. Employees submitted requests to make corporate payments in chat rooms, where managers would issue approvals with emojis. Many of the FTX corporate entities never had board meetings.
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