For those who don't know who he is, Ray is also the one who took over after Enron's bankruptcy.
Now, he has a new company that he needs to fix. Previously, the crypto exchange platform filed for bankruptcy.
Because of this, many people condemned former CEO Sam Bankman-Fried.
Because FTX's downfall is a serious case in the cryptocurrency market, John said he would work with regulators to investigate the ex-chief executive officer.
New FTX CEO Criticizes Company's Downfall
According to CNBC's latest report, John Ray III shared his disappointment regarding the downfall of FTX.
The new CEO said that he has never seen such a complete failure during his 40 years of legal and restructuring experience.
"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," said the FTX official via Reuters.
In his bankruptcy filing, Ray also said that he doesn't trust the balance sheets provided by the digital coin exchange firm, as well as its subsidiaries and partner companies.
FTX's Funds Used to Buy Employees' Houses?
Ray's bankruptcy declaration claimed that the corporate funds of the company were used to purchase houses of employees.
The new CEO explained that the company's accounting for spending was done in a way that was not good for the business.
He concluded this mismanagement because of FTX's lack of disbursement controls. As of writing, it is still unclear the sources of the alleged money used to buy its staff homes.
Aside from the ongoing bankruptcy investigation, FTX also faced other issues.
These include a possible FTX security breach.
Meanwhile, experts shared their concerns regarding the effects of FTX's bankruptcy on the crypto market.
For more news updates about FTX and other crypto exchange platforms, keep your tabs open here at TechTimes.
Related Article : FTX Might Have Kept in Touch With More than One Million Creditors Involved in the Bankruptcy Case
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Written by Griffin Davis
