FTX: Court filings note “serious fraud and mismanagement”
It looks like the downfall of the once prominent crypto exchange, FTX will continue to make headlines. The crypto industry witnessed the collapse of an array of projects this year. Bankruptcy filings were the theme of this bear market. While this trend persists, a revelation was made by the firm’s Bahamian liquidators. As per court filings, it was brought to light that FTX entailed signs of “serious fraud and mismanagement.” These filings were put forth by Bahamian liquidators. According to the document submitted in the United States Southern District of New York’s bankruptcy court, “The Joint Provisional Liquidators’ findings to date suggest that severe fraud and mismanagement may have been committed” with regard to the group. It should be noted that the people in charge of closing down the company’s affairs in the Bahamas, Brian Simms, Kevin Cambridge, and Peter Greaves, filed the paperwork on the liquidators’ behalf. These were the B...