### FTX's new CEO calls out instances of mismanagement while Bankman-Fried was at the helm. 

In court filings, John Ray, the new CEO of embattled crypto exchange FTX,  said that employees submitted payment requests to “a disparate group of supervisors.” Managers would then respond to claims with personalized emojis.

Ray, a lawyer, was hired to lead the restructuring of FTX after it filed for bankruptcy on November 11. He also oversaw the bankruptcy of Enron. 

According to Ray, FTX did not have the appropriate controls for disbursement. He said, "never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here." 

Ray alleged that FTC executives and former CEO Sam Bankman-Fried mismanaged the company, including failing to keep communication records of its decision-making.

He noted that Bankman-Fried used applications that were set to auto-delete after a short time and encouraged employees to use the same software.

In addition, Ray said that FTX did not have board meetings and that real estate properties were purchased in the Bahamas under employees' personal names using corporate funds.

Another issue with FTX is its hiring records. Ray said that they have been unable to locate certain employees even after repeated attempts, casting doubt on whether these employees existed in the first place.

Despite stepping down as CEO on the same day FTX filed for bankruptcy, it is implied that Bankman-Fried continues to inflict damage upon FTX. 

Ray singled out the former CEO for his “erratic and misleading” statements after FTX’s collapse. Ray cited a media report which alleges that Bankman-Fried sent reporter Kelsey Piper private saying “fuck regulators” and that “they make everything worse.”

FTX's new CEO calls out instances of mismanagement while Bankman-Fried was at the helm. 

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Fri Nov 18 2022

FTX Employees Claim Expenses Via Online Chat And Random Managers Respond With Emojis 😲; new CEO says corporate controls were “a complete failure”