FTX crypto cryptocurrency SamBankmanFried FTX bankruptcy Trustee calls for an independent probe into the exchanges collapse
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Vara was referring to comments made by FTX's new CEO John J. Ray III, who noted on the first day in court that there was a use of"software to conceal the misuse of customer funds" and"a complete absence of trustworthy financial information," with control concentrated"in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals.
"The appointment of an independent examiner would be in the interests of the Debtors' creditors and other parties in interest in the Debtors' estates," he said.
The motion also suggests that an examiner could look into the circumstances surrounding FTX's collapse, customers' funds being moved off the exchange and whether entities that have lost money on FTX are able to claim back losses. "The reality is that Sam and his cohorts perpetuated a fraud. They used customer money to make bets that he poorly risk managed after he made them. Let's forget about the risk management, the problem was he took our money. And so he needs to get prosecuted, the authorities need to dig in and figure out exactly what happened, and people will go to jail – should go to jail."
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