In his first court filing, new FTX CEO and bankruptcy trustee John Ray III revealed yesterday an even greater extent of the fraud and chaos behind the collapse.
“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,” Ray said in the filing.
Renowned on-chain analysis firm Nansen has now produced its own report to explore the origins of the disaster. It says Bankman Fried companies were closely linked from the beginning.
Nansen Findings Uncover The Early Entanglements of FTX and Alameda
It was no secret that Alameda was one of the first, if not the first, liquidity providers on FTX. However, how close the entanglements were was to remain a secret until recently.
The connecting link was the FTT token, which the exchange created. Alameda’s wallet was already interacting with FTX before it had even launched in May…
