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- The attorney indicated that the FTX collapse occurred extremely suddenly.
- Bromley said that there are still around 260 people working at the crypto exchange.
During the bankruptcy proceedings, the lawyer for FTX claimed that much of the company’s assets had been stolen or vanished. Unfortunately, the FTX debtors were not adequately governed, according to attorney Bromley. The attorney said the FTX case was “unprecedented” in his opening statement. He further claimed that Sam Bankman-Fried and other high-ranking FTX officials had been keeping inaccurate documents.
The future focus of FTX will be on increasing its asset base so that it can fulfil its obligation to its investors. According to Bromley, maximizing value is paramount, whether via mergers, acquisitions, or other structural changes.
Unreliable Records by SBF and Team
During the proceeding, the attorney indicated that the FTX collapse occurred extremely suddenly and was stunning. Also, he called it “one of the most abrupt and difficult corporate collapses in the history of corporate America.”
According to the Attorney:
“There was a run on the bank in November, and FTX is controlled by a very small group of people including Sam Bankman-Fried, who kept unreliable records. A substantial amount of assets have either been stolen or are missing.”
Bromley said that there are still around 260 people working at the cryptocurrency exchange. The FTX Token (FTT) has dropped to very low prices compared to its October range of $22.50. According to the token price tracker CoinMarketCap, FTT is now trading at $1.34, a rise of 5.20% in the previous 24 hours.
The FTX Group stated on November 12 that it will enter voluntary chapter 11 bankruptcy. According to FTX, the move was made to steadily increase the value of the company’s assets for shareholders.
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