A new report on the failed crypto exchange FTX claims that most major decision-making was closely controlled by CEO Sam Bankman-Fried and top executives Gary Wang and Nishad Singh, who have both pleaded guilty to charges and are cooperating with authorities.
The report also reveals that FTX had "no dedicated personnel" in cybersecurity, leaving the responsibility in the hands of Singh and Wang, who lacked the experience and training to handle the firm's complex cybersecurity needs. John Ray III, the current CEO of FTX, stated that the company failed to implement appropriate controls critical for safeguarding cash and crypto assets and was tightly controlled by a small group of individuals who showed little interest in oversight or implementing an appropriate control framework.
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