New FTX CEO John Ray has said in a US court filing that there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried.
In the highest-profile crypto blowup to date, FTX filed for protection in the United States last Friday after traders pulled $6bn from the platform in three days and rival exchange Binance abandoned a rescue deal.
“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,” Ray said in the filing on Thursday, which was lodged with the District of Delaware bankruptcy court.
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