A Controller In The Metaverse. No Proper Tracking Of Cash Or Employees. New Ftx Ceo Describes Haphazard Management Of Sam Bankman Fried.

That uncertain view is from John Ray, FTX’s new CEO, in a filing in the US Bankruptcy Court for the District of Delaware. Ray, it should be noted, has more than 40 years of legal and restructuring experience, including chairmanship of the energy company Enron that collapsed in 2001. The filing highlights the haphazard management of Sam Bankman-Fried, the former chief executive. According to Ray, there was no accurate list of bank accounts and account signatories, much less attention to the creditworthiness of bank partners. The current estimate is that FTX has $564 million in cash. Ray clearly notes that the controller of FTX.com, the non-U.S. exchange arm, was Prager Metis, “a firm I’m not familiar with whose website shows it to be the ‘first CPA firm to officially open headquarters of Metaverse’s offices on the Decentraland transitions platform.’” He said he had “substantial concerns” about this audit. Alameda, the hedge fund arm, has no audited financial statements at all. FTX venture capital investments do not have this information either. Ray further stated that there are not good enough human resources records to determine who worked there.