Sam Bankman-Fried's FTX had the corporate governance of a college fraternity, congressman says

Dec 15 2022 by Business Insider

 
The collapse of FTX exchange.

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A congressman likened collapsed exchange FTX's corporate governance to a college fraternity. Staff used messaging app Slack to file company expenses, according to FTX's new CEO.  "It would be laughable were it not so serious," congressman Ritchie Torres said.

FTX was once a $32 billion crypto empire, attracting top backers like Sequoia Capital and BlackRock. It was the third-largest cryptocurrency exchange, founded by Sam Bankman-Fried,...

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