The FTX bankruptcy report is wild beyond your imagination

Just when you thought it can’t get any more surreal — past the big-brother twists where the company was allegedly ran by 10 people in the Bahamas who lived in the same house and were intimate with each other, the recent hack and missing billions, the FTX story continues to deliver more surprises than a Kinder Egg factory.

After SBF has proven to likely be, what many people currently consider the most incapable frontman in Crypto, a new CEO swoops in to effectively pick up the pieces and figure out a way to end this mess with minimum damage. The first order of business for new CEO John Ray, who also managed the liquidation of energy company Enron was to file for bankruptcy. Naturally, this mean digging into the company financials.

To understand just how broken FTX had been internally, we’ll go over the Bankruptcy Filing document and highlight the most crucial aspects that came to light as a result. All quotes in this article are from the official Bankruptcy filling, which I will link down below for anyone wishing to go through it in their own time.

“Never in my career have I seen such a complete failure of corporate controls”

Was Jon Ray’s opening statement regarding the financial and administrative situation over at the collapsed s̶e̶x̶ crypto exchange FTX.