- Newly appointed FTX CEO John Ray III scorched Sam Bankman-Fried for a total absence of trustworthy data and lack of financial safeguards.Newly appointed FTX CEO John Ray III minced no words in a filing with the U.S. Bankruptcy Court for the District of Delaware, declaring that "in his 40 years of legal and restructuring experience," he had never seen "such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."The document is a declaration from Ray in his new role as CEO of FTX and associated entities, which filed for bankruptcy last week in an implosion that left the crypto world reeling and investors shaken.Ray excoriated Bankman-Fried and his management team for what were described as lackadaisical controls on systems and regulatory compliance.Bankman-Fried and FTX "management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of positions on the blockchain, the use of software to conceal the misuse of customer funds.""