PANews reported on April 10 that FTX and its debtors released their first report, identifying and discussing the control failures of the former management of the FTX Group in key areas, including management and governance, finance and accounting, digital asset management, information security, and network security. John J. Ray III, CEO of FTX Trust, said that we found that the FTX Group failed to implement appropriate controls in areas critical to protecting cash and crypto assets. The FTX Group is tightly controlled by a small group of people who lied about managing the FTX Group responsibly, but in fact did not care about establishing supervision or implementing an appropriate control framework. We are continuing to work hard to review the events that led to the collapse of FTX and help creditors recover as many assets as possible.
