FTX CEO John Ray presented a report on the shortcomings in the management of the exchange – Bits Media

The General Director of FTX Banking Exchange John Ray introduced to the bankruptcy court of Delaware's bankruptcy report a report on the deficiencies in the management of the exchange, who led to her collapse.

The team of restructuring the company's debt found out, that there was no on the exchange proper control over finances and financial statements. As the new FTX CEO John Ray said (John Ray), When managing a multi -billion dollar empire,The former leadership of the FTX was relied on the "Meshino" from Google documents, messages in the Slack messenger, as well as information, scattered on common disks, and electric tables Excel.

FTX exchange used QuickBooks software for running accounting. According to Ray, It is more suitable for small and medium -sized businesses, not for an international company, working with money from different continents. Analysts came to the conclusion, that FTX neglected accounting, Since about 80 000 transactions remained unprofitable in Quickbooks.

Ray emphasized, that FTX was controlled by three inexperienced people, which "recently graduated from college". Soosnovateli FTX Sam Bankman-Fried (Sam Bankman-Fried) and Gary Van (Gary Wang), Along with the former technical director of the exchange by Nishad Singe (Nishad singh), controlled almost all important aspects of FTX Group, Despite their meager experience in risk management and doing business.

Besides, FTX did not provide financial statements on time at the end of the reporting period and did not conduct internal checks to identify errors. The company also did not provide a complete list of its employees at the time of filing a bankruptcy application in November 2022 of the year, It is noted in the document.

Previously, the former head of the American unit of the FTX Exchange Brett Harrison (Brett Harrison) He expressed his fears about improper distribution of powers and ineffective financial management to Bankman and Singhu. As a result, Harrison's reward was significantly reduced, And the legal adviser of the company advised Harrison to apologize to Bankman-Fried for doubts expressed. Harrison refused to apologize and resigned due to disagreements with the leadership.

Recall, that in March FTX Europe, Cyprus division FTX, Launched the service, with which European customers of exchanges can withdraw their balance in fiat currencies from the platform.