barrons.com
The root causes of last year’s failure of cryptocurrency exchange FTX were “hubris, incompetence, and greed,” the company’s debtors said in their first report since the company previously run by Sam Bankman-Fried collapsed in November.
It’s a situation that should be familiar to John. J. Ray III, who took over as CEO of FTX and its affiliates—as a group, FTX Debtors—and led the Chapter 11 bankruptcy filing amid a crypto crisis that continues to hang over digital asset markets and companies. Ray is a veteran liquidator who helped oversee the liquidation of Enron.