# @benzinga on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/ClEs_sauZM1
- **Gondola URL:** https://gondola.cc/posts/17862472-benzinga-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/e6952547cc.jpg
- **Posted:** 2022-11-17T19:17:11.000+00:00
- **Account Owner:** Benzinga | News That Moves (@benzinga) — https://gondola.cc/benzinga

## Caption

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, new FTX CEO John J. Ray III said in scathing remarks of the mismanagement at bankrupt cryptocurrency exchange FTX.

Ray, who was hired after FTX declared bankruptcy last week, said that in his 40 years of experience working on massive corporate meltdowns like Enron, he had "never" seen anything like this case. Follow benzinga

“From compromised systems integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented," Ray wrote in a statement submitted to bankruptcy court in Delaware.

Ray also slammed FTX founder Sam Bankman-Fried, who no longer works for the cryptocurrency exchange or its related entities, he explained. “Mr. Bankman-Fried, currently in the Bahamas, continues to make erratic and misleading public statements."

“Mr. Bankman-Fried, whose connections and financial holdings in the Bahamas remain unclear to me, recently stated to a reporter on Twitter: 'F*** regulators they make everything worse' and suggested the next step for him was to 'win a jurisdictional battle vs. Delaware,'” he added. Read the rest of the story on benzinga.com, link in bio. benzinga
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## Tags

money, economy, bankrupt, trading, stockmarket, daytrader, cryptocurrencies, cryptocurrency, fail, investing, ftx, wealth, stockmarketinvesting, forex, cryptotrading, news, business, investors, tradingstrategy, crypto, ceo, cryptonews

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