by Matthew Fox at Markets Insider
- Bankruptcy filings show the fair value of crypto held by FTX is $659,000.
- That compares to Sam Bankman-Fried claim FTX held about $5.5 billion in “less liquid” crypto tokens.
- “Never in my career have I seen such a complete failure of corporate controls,” new FTX CEO John Ray III said.
A particularly jarring disclosure is that the total fair value of crypto held by FTX International was just $659,000 as of the end of September, compared to claims from its founder Sam Bankman-Fried’s that the company held $5.5 billion in “less liquid” crypto tokens.
“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,” new FTX CEO John Ray III, who is overseeing the liquidation of the company, said.
That’s quite the statement coming from Ray, given that he oversaw the liquidation of Enron following its more than $60 billion bankruptcy in 2001.
Clues were building that the internal numbers were going…Continue Reading