Bahama homes were purchased with FTX corporate funds • TechCrunch & More Trending News


A brand new chapter submitting, first reported by CNBC, reveals that FTX’s corporate funds were used to buy homes within the Bahamas amongst different private gadgets. The particulars come up lower than per week after the now notorious crypto change filed for chapter — a call that founder and former CEO Sam Bankman-Fried mentioned he regrets.

FTX’s new CEO, Enron wind-down veteran John J. Ray III, mentioned within the submitting that he by no means in his profession had “seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

“From 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,” Ray mentioned within the submitting.

The doc states that corporate funds of the FTX group were used to buy homes and different private gadgets for workers and advisers. Ray added that “certain real estate” was recorded within the private names of staff and advisrrs, and “there does not appear to be documentation for certain of these transactions as loans.”

The newly put in chief govt makes it clear that he’s not blaming all FTX staff for the potential mishandling of funds. “Although the investigation has only begun and must run its course, it is my view based on the information obtained to date, that many of the employees of the FTX Group, including some of its senior executives, were not aware of the shortfalls or potential commingling digital assets.” If that attainable lack of blame extends to the actual property transactions will not be clear.

He provides that present and former staff are among the folks most harm by FTX, and that “these are many of the same people whose work will be necessary to ensure the maximization of value for all stakeholders going forward.”

FTX’s downfall started final week after Binance backed out of a deal to accumulate the crypto change on account of a due diligence course of. News reviews that FTX was mishandling funds and underneath investigation quickly bloomed into the corporate submitting for chapter.

Bankman-Fried, in the meantime, claims that he’s nonetheless hoping to lift an $8 billion lifeline for the corporate.

“Everyone goes around pretending that perception reflects reality, it doesn’t,” Bankman-Fried mentioned in a Twitter dialog with Vox reporter Kelsey Piper earlier this week. “Some of this decade’s greatest heroes will never be known, and some of its most beloved people are basically shams.”

Bahama homes were purchased with FTX corporate funds • TechCrunch

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Bahama homes were purchased with FTX corporate funds • TechCrunch

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Bahama homes were purchased with FTX corporate funds • TechCrunch

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