FTX Exchange Release Day One Bankruptcy Filing: “Complete Failure”

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The newly appointed CEO of FTX provides initial bankruptcy filing calling previous management a “complete failure” and details misuse of corporate funds.FTX Exchange, following the collapse of its business, has filed its first day declaration in bankruptcy court citing a “complete failure of corporate controls,” per a court filing.John J. Ray III, the newly appointed CEO of FTX Exchange, addressed the many issues facing FTX Exchange and the lack of leadership exhibited by Sam Bankman-Fried and other executives previously in charge of the company. “Never in my career ha ...

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