FTX, the cryptocurrency change that Sam Bankman-Fried co-founded, was valued at $32 billion final month.
Since then, it has all collapsed. Mr. Bankman-Fried has taken a spectacular fall that has rippled throughout the worlds of enterprise, finance and politics. He was compelled to resign as chief govt, is below investigation by the Securities and Alternate Fee and the Division of Justice and his firm could owe cash to greater than one million individuals and organizations.
At a chapter listening to final week, FTX attorneys stated {that a} “substantial quantity” of the corporate’s property have been lacking or stolen and that the change had been run like Mr. Bankman-Fried’s “private fiefdom.”.
FTX’s new chief govt, the restructuring skilled John Jay Ray III, stated in a submitting that he had by no means seen “such an entire failure of company management.” Mr. Ray beforehand helped handle the aftermath of Enron’s implosion.
Andrew Ross Sorkin, the founding father of DealBook, will interview Mr. Bankman-Fried on Nov. 30 at 5 p.m. Japanese on the DealBook Summit dwell occasion. The interview is offered for anybody to look at on-line dwell. No questions might be off limits, and subjects could embody the collapse of the corporate, allegations of fraud and mismanagement and the way Mr. Bankman-Fried intends to pay again prospects, traders and collectors.
R.S.V.P. to view the interview freed from cost.