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FTX, the cryptocurrency exchange co-founded by Sam Bankman-Fried, was valued at $32 billion last month.
Since then, everything has fallen apart. Mr. Bankman Fried has had a spectacular fall that has spanned the worlds of business, finance and politics. He was forced to resign as CEO, is under investigation by the Securities and Exchange Commission and the Department of Justice, and his company may owe money to more than a million people and organizations.
At a bankruptcy hearing last week, FTX lawyers said a “significant amount” of the company’s assets were missing or stolen and that the exchange was being run like Mr Bankman-Fried’s “personal fiefdom”.
FTX’s new CEO, restructuring expert John Jay Ray III, said in a filing that he had never seen such a complete failure to take control of the company. Mr. Ray previously helped manage the fallout from Enron’s implosion.
Bankman-Fried will be interviewed by Andrew Ross Sorkin, founder of DealBook on November 30 at 5pm ET at the DealBook Summit live event. The interview is available for anyone to watch live online. There will be no forbidden questions, and topics may include the company’s collapse, allegations of fraud and mismanagement, and how Mr. Bankman-Fred intends to repay clients, investors and creditors.
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