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Variety picked up the news, noting that the Russo brothers were on board as FTX’s debacle is a tale “that crosses many sectors—celebrity, politics, academia, tech, criminality, sex, drugs, and the future of modern finance. At the center of it all sits an extremely mysterious figure with complex and potentially dangerous motivations,” in reference to Bankman-Fried, aka SBF. The Russo’s description of FTX as one the most brazen frauds ever executed lines up with the words of the man tasked with the company’s restructuring, John Ray, who despite handling the infamous Enron case, said “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information."
As Ray noted, FTX’s case may involve all kinds of fraud, embezzlement, market manipulation and other financial crime that only became evident when the struggling crypto market continued falling off this year, after a previous crisis that had already lowered GPU prices all over the world. The fallout from FTX sent shockwaves thorugh the industry, all but killing several other companies, as SBF may have mismanaged up to $10 billions worths of funds to prop up Alameda Research.
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