New FTX Boss Condemns Management of the Crypto Exchange During Sam Bankman-Fried's Tenure

New FTX CEO John J. Ray III issued a scathing assessment of "unprecedented" poor management practices by his predecessor, Sam Bankman-Fried, in a series of filings in a Delaware court.

Ray, who has previously supervised financial scandals such as Enron, criticized poor record-keeping and lack of experience among senior managers.

"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 said in a filing. "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."

This is a developing story and will be updated.