FTX CEO: Company control has completely failed, and financial information is completely unreliable

ChainCatcher news, FTX's new CEO JOHN J. RAY III assessed SBF's mismanagement in documents submitted to the Delaware court. John Ray criticized FTX for poor record-keeping and a lack of experience among senior management.

John Ray stated that in his career, he has never seen such a complete failure of corporate controls and such a lack of credible financial information as occurred at FTX. From compromised system integrity and foreign regulatory failures to control concentrated in the hands of a few inexperienced, immature, and potentially compromised individuals, this situation is unprecedented. (source link)