John Ray III, the new Chief Executive Officer of troubled cryptocurrency exchange, FTX, has described the running of the FTX Group under Sam Bankman-Fried, Co-Founder and former CEO, as “a complete failure of corporate controls.” Ray III also described the business environment under Bankman-Fried as "unprecedented.” 

Ray III stated this in a new FTX court filing dated Thursday and presented in the United States Bankruptcy Court for the District of Delaware.  In the new filing, Ray III criticized the governance structure, cash and human resources management, disbursement controls, and record-keeping of digital asset custody, investment activities and decision-making of the FTX Group under Bankman-Fried.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray III said.