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FTX Exchange, following the collapse of its business, filed its day one statement in bankruptcy court, citing a “complete failure of corporate controls”, according to a filing in court.

John J. Ray III, the new CEO of FTX Exchange, addressed the many issues facing FTX Exchange and the lack of leadership demonstrated by Sam Bankman-Fried and other executives previously in charge of the company.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial reporting as has happened here,” Ray said. “From the compromised integrity of systems and faulty regulatory oversight overseas, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented. “

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