FTX’s New CEO Condemns Sam Bankman-Fried’s Management of the Crypto Exchange<a href="https://www.youtube.com/watch?v=Q46EUSrfF8s" target="_blank" rel="noopener">Source</a>

The state of is introduced by Tron Connecting the to the ability of And it's time to examine in with Nick day He's managing editor of coverage And rules at and likewise the Editor of state of crypto publication Nick Good morning So we we simply alluded to it John J Ray The third Johnny three sticks he's taken Over as CEO of uh FTX and there was a Bit of a Dean hotter second it appears uh And in the event you don't the reference That's Animal House it is to everybody Should memorize that complete movie but it surely Seems that he's mainly the dean Wormer attempting to scrub up mess That is that was the fraternity often called FTX he referred to as it uh as we stated it it was He mainly condemned not solely uh the Way by which it's monetary administration Uh didn't occur but additionally Um Just about every part uh Sam bankman Freed was as much as so are you able to get into this I imply like holy cow y'all that is uh You know admittedly I've restricted in protecting bankruptcies however This is a chapter submitting in contrast to any I've ever learn it's like So mainly you recognize uh to varied Claims or allegations made by John Ray III uh included a

Um he listed lastly we have now a greater Sense of the property and liabilities of Not simply FTX however all you recognize the Various subsidiary teams beneath it Uh John uh Ray that they're mainly Created 4 classes of corporations Under the FTX umbrella in order that they You know alamitas in a single class the corporations are within the different Category Ventures are within the class And uh West Rome shires I.E FTX us and Some of these corporations are within the final Category and he stated proper alongside Putting out numbers that these Figures Were put collectively whereas the corporate was Under the management of now former CEO Sam Bingman freed and he doesn't belief them So yeah that is the information Yeah like the brand new CEO is telling a financial institution A federal choose right here's what we predict we Have but additionally I don't belief these Numbers which is I feel type of Unprecedented This is a man who checked out enron's Books and he stated right here I've over 40 Years of authorized and restructuring Experience after which within the subsequent Paragraph he says by no means in my profession Have I seen such com a whole failure Of company and controls and a whole Absence of reliable monetary Information has occurred right here from Compromise techniques Integrity to and Faulty regulatory oversight overseas to

Concentration of management within the palms of A really small group of inexperienced Unsophisticated and probably Compromised people this since this Situation is unprecedented oh wow it Really is yeah I imply if one of many Claims is that there was no clear You know accounting he uh took a have a look at The you recognize we quindos reported on the Auditing agency uh Prager murders and uh Pregnant excuse me and You know the brand new CEO stated yeah like all I find out about this agency is that they Claim to be within the which does Not appear to impress them very a lot he There's no uh no monetary paperwork Around a number of the corporations on this Umbrella so you recognize he fairly actually Can't let you know what the uh precise you Know accounting appears to be like like as a result of Those paperwork both don't exist or Are not simply accessible and that is Again the brand new CEO he's speculated to be in Charge of this whole you recognize factor Um There's considerations about how you recognize Corporate funds may need been Misappropriated for uh you recognize property Transaction private property there's considerations about uh You know the precise Equity possession the Lack of board conferences Um so a part of this you recognize actions his Initial actions was to nominate an precise

Board to the you recognize to supervise numerous Aspects of the corporate and says that They might be assembly uh which is a pointy To you recognize departure from apparently What had occurred within the earlier couple Years there's only a lot that's type of You know defying expectations It looks like that each one let's imagine is Oh my God it truly is a kind of Stories is simply totally astounding