Carrying out the restructuring processes FTXon why the previous management team failed. published its first report.
bankrupt in November FTX It also helped usher in a new era in the crypto industry. Nowadays, when legal processes and bankruptcy cases are progressing intensively, of FTXThe first report on why it went bankrupt and why its management team failed. There are some notable headlines in the report.
FTX Report: One Man
FTXThe team managing the bankruptcy process of mistakes and mistakespublished a report containing
In the report, of FTX There are headings about why it failed. As one of the most important reasons for failure, Sam Bankman-Fried was shown to have the last word on all important matters.
in the report There was also an under-the-counter transaction made on 31 July 2019. In this transaction included in the report, Singh stated that he changed the code structure to allow Alameda to withdraw an unlimited amount of crypto assets from FTX. It was reported that various moves were made in order to save Alameda from the liquidation of FTX.
In addition, according to the report, it was stated that FTX’s liabilities to creditors are $ 12 billion. Sharing his views on the subject John J. Ray III, CEO of FTX, said:;
“11th. We are publishing the first report in the spirit of transparency that we have promised since the beginning of the departmental process. In this report, we detail our findings that FTX Group failed to enforce appropriate controls in areas critical to protecting its cash and crypto assets. FTX Group was tightly controlled by a small group of individuals who falsely claimed to run FTX Group responsibly, but who actually showed little interest in establishing surveillance or implementing an appropriate control framework. We are continuing our efforts to review the events that contributed to the decline of FTX and to identify and recover as much value as possible for creditors.”
of FTXHis work was done through a team of experts in law, restructuring, forensic accounting, cybersecurity, computer engineering, cryptography, blockchain, and others.
