{"id":511468,"date":"2022-11-17T17:43:16","date_gmt":"2022-11-17T14:43:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-ftx-ceo-says-crypto-disaster-worse-than-enron\/"},"modified":"2022-11-17T17:43:16","modified_gmt":"2022-11-17T14:43:16","slug":"new-ftx-ceo-says-crypto-disaster-worse-than-enron","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-ftx-ceo-says-crypto-disaster-worse-than-enron\/","title":{"rendered":"#New FTX CEO says crypto disaster worse than Enron"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3befb7eb71a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3befb7eb71a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-ftx-ceo-says-crypto-disaster-worse-than-enron\/#%E2%80%9CNew_FTX_CEO_says_crypto_disaster_worse_than_Enron%E2%80%9D\" >&#8220;New FTX CEO says crypto disaster worse than Enron&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CNew_FTX_CEO_says_crypto_disaster_worse_than_Enron%E2%80%9D\"><\/span>&#8220;New FTX CEO says crypto disaster worse than Enron&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>FTX\u2019s new boss said the firm\u2019s corporate governance under disgraced ex-CEO Sam Bankman-Fried was the worst he\u2019s seen in his career \u2014 including his stint cleaning up the mess at Enron.<\/p>\n<p>FTX CEO John Ray III \u2014 an insolvency expert who steered energy firm Enron through its infamous $23 billion bankruptcy following a massive accounting scandal \u2014 ripped his predecessors in a scathing court filing on Thursday.<\/p>\n<p>\u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d Ray said, according<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/7e81ed85-8849-4070-a4e4-450195df08d7?emailId=47afa06c-2898-4429-98bf-9a83a953f1d6&amp;segmentId=3d08be62-315f-7330-5bbd-af33dc531acb\"> to the Financial Times.<\/a><\/p>\n<p>\u201cFrom compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented,\u201d Ray added.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-2.jpg?w=1024\" alt=\"Samuel Bankman-Fried\" class=\"wp-image-24672805\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sam Bankman-Fried resigned as FTX\u2019s CEO.<\/figcaption><figcaption><span class=\"credit\">CQ-Roll Call, Inc via Getty Imag<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?w=1024\" alt=\"The founder of FTX, Sam Bankman-Fried, has seen his net worth go from $16 billion to zero.\" class=\"wp-image-24646063\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/Sam-Bankman-Fried-63-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The founder of FTX, Sam Bankman-Fried, has seen his net worth go from $16 billion to zero.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Ray was t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed to replace Bankman-Fried as FTX\u2019s CEO after a liquidity crisis forced the former cryptocurrency sector darling into insolvency. FTX, its sister cryptocurrency trading firm Alameda Research and more than 100 affiliates were forced to file for bankruptcy.<\/p>\n<p>Ray declared last week that FTX was cooperating with both law enforcement and regulatory officials and making \u201cevery effort\u201d to recover assets.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Shortly before the company filed for bankruptcy, Bankman-Fried admitted that he had \u201cf\u2014ked up\u201d and misjudged the state of FTX\u2019s finances. Just days before the company\u2019s collapse, the ex-billionaire was insisting that client funds were safe.<\/p>\n<p>But Bankman-Fried remained defiant in a wild interview with Vox this week, telling a reporter that filing for bankruptcy was his \u201cbiggest single f\u2013kup\u201d and stating, \u201cf\u2013k regulators.\u201d<\/p>\n<p>Bankman-Fried was part of a closely knit group of 10 roommates who led FTX and Alameda from a penthouse in the Bahamas. The roommates were said to be romantically linked, sparking online gossip that they were all members of a \u201cpolycule\u201d \u2014 a network of polyamorous relationships.<\/p>\n<p>The bankruptcy marked a stunning fall for FTX, which was valued at $32 billion as recently as last January, and for Bankman-Fried, who had tried to portray himself as the face of a burgeoning cryptocurrency movement.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-01-2.jpg?w=1024\" alt=\"Sam Bankman-Fried stepped down as CEO on Friday of the Bahamas-based firm.\" class=\"wp-image-24630039\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-01-2.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-01-2.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-01-2.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sam Bankman-Fried stepped down as CEO of the Bahamas-based firm on Friday.<\/figcaption><figcaption><span class=\"credit\">via REUTERS<\/span><\/figcaption><\/figure>\n<p>Bankman-Fried and his associates face mounting legal and regulatory pressure following revelations that FTX secretly shifted $10 billion in client funds to prop up Alameda. At least $1 billion of those funds is still missing, according to Reuters.<\/p>\n<p>On Wednesday, Bankman-Fried and FTX\u2019s celebrity backers, including NFL legend Tom Brady and NBA superstar Stephen Curry, were named in a class-action lawsuit related to FTX\u2019s downfall.<\/p>\n<p>Bankman-Fried\u2019s estimated net worth went from $16 billion to zero after his firm cratered.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/17\/complete-failure-new-ftx-ceo-says-crypto-disaster-worse-than-enron\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;New FTX CEO says crypto disaster worse than Enron&#8221; FTX\u2019s new boss said the firm\u2019s corporate governance under disgraced ex-CEO Sam Bankman-Fried was the worst he\u2019s seen in his career \u2014 including his stint cleaning up the mess at Enron. FTX CEO John Ray III \u2014 an insolvency expert who steered energy firm Enron through&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/sam-bankman-fried-ftx-ceo-02-2.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,89897,135705,4978,11154,76127,108296],"class_list":["post-511468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-sam-bankman-fried","tag-11-17-22","tag-bankruptcy","tag-ceos","tag-cryptocurrency","tag-enron"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511468"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511468\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511469"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}