FTX, the cryptocurrency exchange platform being held responsible for the recent crash of the crypto market, once again found itself in the dark side of the news following a (not surprising!) discovery that involved its employees and advisors.
In his attempt to help shed light on how the Sam Bankman-Fried-owned company operated and proceeded with its dealings, new FTX CEO John Ray submitted a 30-page document to the United States Bankruptcy Court for the District of Delaware.
In his filing, Ray stated:
“In the Bahamas, I understand that corporate funds of the FTX group were used to purchase homes and other personal items for employees and advisors.”
To make matters worse, said personnel put the acquired properties under their names, making it almost impossible to claim back the properties.
Already under a gaping financial hole to the tune of $8 billion, FTX and SBF are expected to be the recipient of more negative criticisms from disgruntled investors.
The Bahamas. Image: PlanetWare
More FTX Red Flags Surface Anew
Aside from not having any kind of documentation that would classify the purchases as loans and letting its advisors and employees put the pieces of real estate under their names, FTX appeared to have committed other infractions with regard to its conduct of business.
For one, Ray shared that the cryptocurrency exchange…
