However, “FTX won’t be the end of the crypto sector,” Muticoin concluded, giving some hope to the coin traders.
That being said, the new CEO of FTX and the trading partners share the same sense of loss.
New CEO lambasted previous SBF’s management
Sam Bankman-Fried’s (SBF) management stood lambasted by John Ray III, FTX’s new CEO, on his first-day declaration.
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information,” read the statement by Ray III.
The balance sheets for FTX and its sister firm Alameda Research were “unaudited and produced while the Debtors [FTX] were controlled by Mr. Bankman-Fried,” Ray stated in the complaint, adding that he “did not have confidence” in their authenticity.
The former Enron recovery manager claimed, “The concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals.”
Reverberating media claims of the loss of hundreds of millions of dollars worth of cryptocurrencies, Ray said that a “substantial portion” of the assets housed with FTX may be “missing or stolen.”