FTX Used Hodgepodge of Apps To Manage Billions of Dollars in Assets, Including Crypto: New Court Filing.
12 Apr 2023, 08:00
FTX Used Hodgepodge of Apps To Manage Billions of Dollars in Assets, Including Crypto: New Court Filing
Collapsed crypto exchange FTX used a “hodgepodge” of “non-enterprise solutions” to manage its billions of dollars in assets, according to a new bankruptcy filing.
FTX CEO John J. Ray III, who replaced disgraced founder Sam Bankman-Fried, notes in a new report filed with the U.S. Bankruptcy Court for the District of Delaware that none of the FTX Group companies employed an “appropriate” accounting system.