FTX-debiteuren schetsen controlefouten in een nieuw rapport
- FTX debtors released their first report identifying and discussing control failures by the crypto trading platform’s previous management team.
- Het rapport is gebaseerd op de beoordeling van terabytes aan elektronische gegevens, samen met meer dan een miljoen documenten en interviews met 19 voormalige werknemers.
- In a filing submitted in a Delaware bankruptcy court, the current FTX CEO said that the exchange was run by three inexperienced people “not long out of college.”
- SBF, along with co-founder Gary Wang and former engineering director Nishad Singh, had the “final voice in all significant decisions,” claims John Ray III.
The collapse of defunct crypto exchange FTX under the leadership of Sam Bankman-Fried, also known as SBF in the crypto space, shook the industry for months, and now, the debtors have released their first report identifying and discussing control failures by the crypto trading platform’s previous management team in critical areas like management and governance, finance and accounting, digital asset management, information security, and cybersecurity.
Volgens een laat los, the report is based on the review of terabytes of electronic data and communications, along with over one million documents and interviews with 19 former FTX Group employees. It is crucial to note that “this work was undertaken by the debtors through a team of legal, restructuring, forensic accounting, cybersecurity, computer engineering, cryptography, blockchain, and other experts.”
John J. Ray III, de CEO en Chief Restructuring Officer van het in ongenade gevallen bedrijf, zei dat de rapport is being released in the spirit of transparency that was promised from the beginning of the Chapter 11 process, while adding that “in this report, we provide details on our findings that FTX Group failed to implement appropriate controls in areas that were critical for safeguarding cash and crypto assets.”
“FTX Group was tightly controlled by a small group of individuals who falsely claimed to manage FTX Group responsibly, but in fact showed little interest in instituting oversight or implementing an appropriate control framework. We are continuing our efforts to review the events that factored into the fall of FTX and to identify and recover as much value as possible for creditors,” said the executive.
The report is “expected to be the first in a series regarding pre-petition events and issues that preceded the Chapter 11 cases,” claims the release. Furthermore, in an April 9 court indienen submitted in a Delaware Bankruptcy Court, Ray stated that the crypto exchange was run by three inexperienced people “not long out of college.”
Ray stated that the three people responsible for running FTX “relied on a hodgepodge of Google documents, Slack communications, shared drives, and Excel spreadsheets” to manage the firm’s assets and liabilities. The Chief Restructuring Officer said that his restructuring team “identified extensive deficiencies in the FTX Group’s controls.”
Bankman-Fried, along with co-founder Gary Wang and former engineering director Nishad Singh, had the “final voice in all significant decisions,” claims Ray, while adding that the three had very limited experience.
“These three individuals, not long out of college and with no experience in risk management or running a business, controlled nearly every significant aspect of the FTX Group,” he said.
Brett Harrison, de voormalige president van de Amerikaanse tak van de crypto-uitwisseling, uitte zijn bezorgdheid bij SBF en Singh regarding “the lack of appropriate delegation of authority, formal management structure, and key hires at FTX.US.”
Harrison voegde er ook aan toe dat SBF emotioneel vluchtig was, conflicten vermeed, terugdeinsde voor kritiek en hem zelfs isoleerde van belangrijke besluitvorming. Aan de andere kant heeft Bankman-Fried momenteel huisarrest en mag hij geen toegang krijgen tot en gebruik maken van online berichtentoepassingen als onderdeel van nieuwe borgtochtvoorwaarden opgelegd door de Amerikaanse districtsrechter Lewis Kaplan.
Een cryptojournalist met meer dan 3 jaar ervaring in DeFi, NFT, metaverse, enz. Parth heeft met grote media in de crypto- en financiële wereld gewerkt en heeft ervaring en expertise opgedaan in de cryptocultuur na het overleven van bear- en bullmarkten door de jaren heen.
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