From The Guardian:

In a stinging court filing posted on Thursday John Ray III, the new boss of the bankrupt crypto exchange FTX, said the company had suffered an “unprecedented and complete failure of corporate controls”.

Cryptocurrency FTX’s logo reflected in an image of former chief executive Samuel Bankman-Fried.

Ray has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, and has 40 years of experience in restructuring companies. He said he had never seen anything as bad as FTX.

He wrote in a filing with the Delaware bankruptcy court: “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.

“From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

The company’s collapse has shaken the cryptocurrency market to its core and already sparked international regulatory inquiries and a lawsuit against the company and the celebrities who promoted it, including Larry David, Naomi Osaka, Gisele Bündchen and Shaquille O’Neal.

The company expects to have more than 1 million creditors.

Ray said a “substantial portion” of assets held by FTX may be “missing or stolen”.