Failed crypto exchange FTX's spectacular collapse was due to 'hubris, incompetence, and greed,' says first debtors' report

Mon, 04/10/2023 - 02:11

sam bankman fried — Failed crypto exchange FTX's spectacular collapse was due to 'hubris, incompetence, and greed,' says first debtors report.
Eduardo Munoz/Reuters

FTX filed shockingly for Chapter 11 bankruptcy in November, after a week of a liquidity crisis.
On Sunday, its debtors released their first report on the collapse of the crypto exchange.
The report alleged a lack of controls including in management, governance, and accounting.

"Hubris, incompetence, and greed" led to the implosion of crypto exchange FTX, the now-defunct entity's debtors said in a Sunday report detailing control failures at the exchange.