A Thursday bankruptcy filing from new FTX CEO John J. Ray III has shed new light on the nefarious activities taking place at FTX under SBF.
“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.”
FTX Fraud: More Bombshell Revelations in New Bankruptcy Filing
While over in Singapore...
No red flags at FTX despite 8 months of 'extensive due diligence' — Temasek
"The thesis for our investment in FTX was to invest in a leading digital asset exchange providing us with protocol agnostic and market neutral exposure to crypto markets with a fee income model and no trading or balance sheet risk."
and,
According to Temasek, it estimates its investment in FTX was 0.09% of its portfolio value of more than $293 billion, and none of the disclosed investments involves crypto, despite rumors to the contrary, the firm says it has “no direct exposure in cryptocurrencies."
A contest for the most naive - investor or invested. Or not naive, just another party to the scam that was to unfold.
The whole thing still smells like a setup to rush through crypto regulation while scaring people to sell. Think about what Ray says; why would anybody give such an alleged bunch of newbs $900m, thereby giving them $18b to throw around, without demanding a real CEO be installed!?
Look at it the other way round. Funding approximately 2% of FTX has given such investors a wonderful leverage to create crypto chaos.
Temasek is revealing, as it has no crypto portfolio or strategy - looks like a one-off - poss on advice from partners in crime.