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The company, which operates the crypto exchange of the same name, recently ran into troubles that have resulted in it filing for bankruptcy. This saw former CEO Sam Bankman-Fried step down and John Ray III take the reigns.
John Ray III, who handled Enron after its massive fiasco, said the situation at FTX is even worse:
“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 […] From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Let’s go over who John Ray III is and what his joining FTX means.
Investors looking for more recent market news will want to stick around!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio you’re using to start.
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