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By Willy N. ANNICETTE – Senior Manager – Initio (Square Management)
“I have never seen such a complete failure of corporate control […] unacceptable management practices”.
Those are the words of John J. Ray III, a 40 years industry veteran – who also oversaw the aftermath of the Enron scandal – as he prepared to take up the role of new CEO of FTX in order to see what is left of the company through a grim set of proceedings. This assumption of duty was prompted as Sam Bankman-Fried (SBF) stepped down earlier this month, after having filed FTX for chapter 11, a mere few days following an estimated 32 billion dollars valuation of his former cryptocurrency derivatives exchange company.
Binance, another leading...
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