FTX suffered a “complete failure of corporate controls” according to the company’s new chief executive who was appointed as part of the crypto exchange’s bankruptcy process. From a report: In a filing [PDF] to federal bankruptcy court, John J. Ray, who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said despite his 40 years in the business of restructuring companies, he’s never seen anything as bad as FTX.

“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. 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.”

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Source: Slashdot – New CEO Says FTX Suffered ‘Complete Failure of Corporate Controls’