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FTX was run as 'personal fiefdom,' faces hacks, missing assets, attorneys say

Business 09:26 23 Nov, 2022
FTX was run as 'personal fiefdom,' faces hacks, missing assets, attorneys say

FTX was run as a "personal fiefdom" of former CEO Sam Bankman-Fried, attorneys for the collapsed crypto exchange said in its first bankruptcy hearing as they detailed ongoing challenges such as hacks and substantial missing assets, Qazet.az reports.

In the highest-profile crypto blowup to date, FTX filed for protection in the United States after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal. The collapse has left an estimated 1 million creditors facing losses totaling billions of dollars.