New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday.

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Leading platform FTX has filed for bankruptcy as crypto prices fall below 2017 prices.

Crypto Fallout

FTX suffered 'failure of corporate control'

A bankruptcy court filing on Thursday for collapsed crypto exchange ft x. Reveal the findings of new CEO, John Ray who said there was a shocking lack of corporate control and oversight at the company, Ray who took over from disgraced founder Sam, bankman freed and previously oversaw the bankruptcy of Enron said, quote, 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 goes on to say quote 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 Venkman. Free did not immediately respond to a request for comment on the allegations contained in the filing in the highest-profile Krypto. Hello up-to-date ft x filed for bankruptcy protection in the US last week. After Traders pulled. Six billion dollars from the platform in three days and rival, exchange binance. Abandoned a rescue deal is the effects of the FTX collapse were felt across the globe. Singapore State investor, temasek Holdings which invested in ft x. Also, made reference to bankman-fried on Thursday in a statement saying quote it is Apparent from this investment that perhaps our belief in the actions judgment and Leadership of sandbag been freed would appear to have been misplaced. Temasek said it would write down the value of its entire investment of 275 million dollars. Other investors including SoftBank Vision, fund and Sequoia Capital have also written down their investments in the exchange 20. As ripples from ftxs bankruptcy continue to be felt around the world.

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Crypto Fallout