Elon Musk discusses real reasons why FTX failed Elonmusk FTXScandal FTXbankruptcy SBF_FTX
. Sam Bankman-Fried, the disgraced FTX founder, resigned as CEO earlier this month as the business sought Chapter 11 bankruptcy protection.
Newly appointed FTX CEO John Ray III said bluntly that in his 40 years of legal and restructuring experience, he had never seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred in the FTX scenario. The new CEO declared on Saturday that the bankrupt cryptocurrency exchange is looking to sell or restructure its vast global empire, even as Bahamian regulators and FTX argue in court documents.
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