Troubled cryptocurrency firm FTX updated its bankruptcy filing in Delaware, and it's chock-full of new insights into chaotic business practices under former CEO Sam Bankman-Fried.
Daily Mail columnist Maureen Callahan joined"Fox Business Tonight" to discuss the collapse of crypto exchange FTX and what's next for former CEO Sam Bankman-Fried.in Delaware on Thursday, and the document is chock-full of new insights into the chaotic and questionable business practices that occurred under the leadership of former CEO Sam Bankman-Fried.
Here's a look at some of the most notable deficiencies in FTX's business practices as revealed in the updated bankruptcy filing.According to the bankruptcy filing, Bankman-Fried communicated using applications that were set to auto-delete after a short period of time and also encouraged FTX's employees to do the same. Ray called this practice "One of the most pervasive failures" of FTX because it led to the "absence of lasting records of decision-making.
Ray wrote in the filing, "[FTX] did not have the type of disbursement controls that I believe are appropriate for a business enterprise."Under Bankman-Fried's leadership, FTX didn't maintain a comprehensive list of its bank accounts. As a result, Ray stated that the firm doesn't yet "know the exact amount of cash" that FTX had when it filed forRay wrote that the company is getting in touch with banks that they believe may have some of its cash.
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