FTX collapse report: 'Hubris, incompetence, and greed' led to failure

The new management team at FTX released an initial report on what led to the demise of the bankrupt cryptocurrency exchange, painting a damning picture of its operations under ousted founder and CEO Sam Bankman-Fried's leadership.

The FTX debtors, led by new chief executive and restructuring officer John J. Ray III, wrote in the high-level overview that "while the FTX Group's failure is novel in the unprecedented scale of harm it caused in a nascent industry, many of its root causes are familiar: hubris, incompetence, and greed."