If a global Greek word characterizes the actions of a bankrupt cryptocurrency platform FTX is “insult”but also one more, h “greed”.

This is reported by Bloomberg with reference to the report of creditors. banks because of her, there were times when high-ranking officials joked with each other because they did not know where assets worth millions of dollars were located. Therefore, as stated, “arrogance, incompetence and greed” are responsible for collapse FTH,

The platform in question lacked even the rudimentary and necessary financial and accounting controls and did not allow for any dissenting opinion or dissent within its ranks. This is the first report of its kind published since the days of the empire. cryptocurrencies Sam Bankman-Fried collapsed last November, resulting in the loss of billions of dollars in client funds.

The report blames its founder and leader, Bankman-Freud, as well as high-ranking officials, including the chief engineer THIS Nishad Singh and former director technologies Gary Wang, as mentioned in an article on moneyreview.gr.

“Despite the image of a responsible enterprise that it sought to create in society, the FTX group was tightly controlled by a large group of individuals who showed little interest in creating an appropriate system of supervision or control,” the authors note. creditor banks. These individuals complicated the management of funds and managed them inefficiently – both their own funds and other funds of FTX clients.

They also lied to third parties about their business and joked internally about their tendency to lose millions of dollars in FTX assets.

When the company filed for bankruptcy, it didn’t even have a complete list of its employees, according to the report. So far, more than $1.4 billion of assets have been recovered.

Another $1.7 billion has been discovered and is in the process of being recovered. Finally, FTX founder and CEO Sam Bankman-Fried pleaded not guilty to fraud and is expected to stand trial this October, while Nishad Singh pleaded guilty as part of a cooperation agreement with prosecutors.