FTX collapse report: 'Hubris, incompetence, and greed' led to failure
Posted on AllSides April 10th, 2023
From The Right
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."