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11/20/2022
FTX Latest: Liquidators Say Firm’s Bankruptcy Is Unauthorized
Yahoo News
(Bloomberg) -- There’s “significant” concern that FTX management, led by Sam Bankman-Fried, lacked authority to put the crypto businesses into bankruptcy in the US, liquidators, appointed by a Bahamian court to take over FTX Digital Markets Ltd.’s affairs said. The embattled cryptocurrency mogul and two other top FTX executives, received massive loans from affiliated trading arm, Alameda Research, according to a bankruptcy court filing Thursday.
Advisers overseeing the bankruptcy of FTX Group are struggling to locate the company’s cash and crypto, citing poor internal controls and record keeping. The complete failure of corporate controls at the company is “unprecedented,” according to new Chief Executive Officer John J. Ray III, who had a more than 40-year career in restructurings, including overseeing the liquidation of Enron.
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