The new FTX boss criticizes crypto exchange for complete failure of corporate controls.

The new head of the bankruptcy crypto exchange FTX criticized the management of the founder Sam Bankman-Fried and explained that the company's annual financial statements could not be familiar and that a company that once had a value of $ 32 billion was missing any significant internal control.

John Ray III, an experienced insolvency specialist who supervised Enron's liquidation, said on Thursday in a court act that FTX was the worst case of corporate failure that he had experienced in his more than 40-year career.

"I have never had such a complete failure of corporate controls and such a complete lack of trustworthy financial information as experienced here," he said.

"From the impaired system integrity and the incorrect official supervision abroad to concentration of control in the hands of a very small group of inexperienced, inexperienced and potentially endangered people, this situation is unprecedented."

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