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New FTX CEO Calls the Crypto Exchange’s Corporate Control a ‘Complete Failure’


Since taking over last week, Mr. Ray said that his team has secured about $740 million worth of cryptocurrency belonging to various parts of FTX’s business. But he called that sum “only a fraction” of what he hopes to recover, saying the company has hired forensic analysts and blockchain experts to assist in locating any remaining funds. The run on FTX left the company owing an estimated $8 billion, according to people familiar with the matter.In Mr. Ray’s telling, the mismanagement permeated the entire company.Mr. Ray said FTX’s human resources department was so disorganized that his team had been unable to prepare a complete list of who worked at FTX. And he said corporate …

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