CLAUDE

FTX Control Failures

FTX CEO John Ray III revealed that control failures at FTX were due to a lack of appropriate financial and accounting controls, inadequate group management structure, and the use of software not suitable for large companies. The multi-billion dollar company was managed by inexperienced founders who relied on a hodgepodge of online shared documents and communications.

• by Luisa Crawford
• Apr 11, 2023