"This Is Unprecedented": Enron Liquidator Overseeing FTX Bankruptcy Speechless: "I Have Never Seen Anything Like This"

[1srelluc]

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

FTX's new CEO and liquidator, John Ray III, who also oversaw the unwinding and liquidation of Enron, admits that "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."

And just in case his shock at FTX's fraud of epic proportions was not clear enough, he adds that "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."

According to Ray, he has located “only a fraction” of the digital assets of the FTX Group that they hope recover during the Chapter 11 bankruptcy. They’ve so far secured about $740 million of cryptocurrency in offline cold wallets, a storage method designed to prevent hacks. This is just a fraction of the $10-$50 billion in liabilities the company disclosed in its bankruptcy filing.

MoAR....Much MoAR

Charging real estate purchases to the work credit card must have been fun.

 

[whitehall]

Interesting that the source fails to include the issue that the criminal enterprise donated millions to the democrat party candidates.

 

[TroglocratsRdumb]

dem donor money laundering in the ukraine?

 

[TroglocratsRdumb]

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

FTX's new CEO and liquidator, John Ray III, who also oversaw the unwinding and liquidation of Enron, admits that "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."

And just in case his shock at FTX's fraud of epic proportions was not clear enough, he adds that "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."

According to Ray, he has located “only a fraction” of the digital assets of the FTX Group that they hope recover during the Chapter 11 bankruptcy. They’ve so far secured about $740 million of cryptocurrency in offline cold wallets, a storage method designed to prevent hacks. This is just a fraction of the $10-$50 billion in liabilities the company disclosed in its bankruptcy filing.

MoAR....Much MoAR

Charging real estate purchases to the work credit card must have been fun.

the Dem Press is suppressing this story

 

[1srelluc]

the Dem Press is suppressing this story

Both sides really.

 

[1srelluc]

Interesting that the source fails to include the issue that the criminal enterprise donated millions to the democrat party candidates.

It's Zero Hedge so it does surprise me....That's why I went with it because I really don't trust them much with their usual biased reporting.

I guess it's such a cluster-fuck the layers will have to be peeled one at a time.

I did read elsewhere that a lot of the crypto weenies that got clipped are not saying much least they look stupid in the eyes of their peers.

 

[The Duke]

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

FTX's new CEO and liquidator, John Ray III, who also oversaw the unwinding and liquidation of Enron, admits that "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."

And just in case his shock at FTX's fraud of epic proportions was not clear enough, he adds that "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."

According to Ray, he has located “only a fraction” of the digital assets of the FTX Group that they hope recover during the Chapter 11 bankruptcy. They’ve so far secured about $740 million of cryptocurrency in offline cold wallets, a storage method designed to prevent hacks. This is just a fraction of the $10-$50 billion in liabilities the company disclosed in its bankruptcy filing.

MoAR....Much MoAR

Charging real estate purchases to the work credit card must have been fun.

Meanwhile the DNC coffers are bursting at the seams.