The FTX Mess Was Huge!
This is indeed a big mess across all indicators, LinkedIn News reports:
FTX’s collapse was rooted in “hubris, incompetence, and greed,” according to a new report from the company’s debtors. On top of lacking the fundamental controls that contributed to its rapid failure, the crypto exchange failed to maintain a full list of its employees, and its executives joked about losing track of millions of dollars, Bloomberg writes. More than $1.4 billion of FTX’s digital assets have been recovered so far, with another $1.7 billion in the recovery process, the report said.
Founder Sam Bankman-Fried has pleaded not guilty to fraud and campaign-finance law breaches as the company navigates Chapter 11 bankruptcy proceedings.
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