In his scathing review of FTX's business, John Ray III, the company's new CEO, said founder Sam Bankman-Fried ran the business as his 'personal fiefdom.' In an interview with Axios, Bankman-Fried didn't disagree.
: The interview that Bankman-Fried gave shed light on the failings that led to the company's implosion.: Bankman-Fried is the founder of FTX, a company worth $40 billion not so long ago. He now faces allegations of fraud and mismanagement and says he wishes he had put in place a third party between his trading firm, Alameda Research, and FTX.
“I offered up my services, my help, to any of the global regulators, administrators who are working to try and do what they can," Bankman-Fried said. "As of now, there has not been much contact coming from the U.S. team.”has been called into question as leaked FTX figures have been shown to be unreliable.
The overarching company did not give any of its investors a board seat, nor did it hire a CFO, a lack of corporate governance that investors overlooked when the company was booming. When FTX failed, it also meant that assets associated with FTX, like the Solana ecosystem, suffered more than ethereum or bitcoin.
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