According to the trader’s new CEO, the company became a complete disaster due to the lack of well-organized management at all levels and stages inside the organization.

The detailed report on the crisis causes

J. Ray disputed some of SBF’s assertions by claiming that FTX, in the end, turned out to be poorly managed and fully dependent on other companies it was related to Alameda and FTX.com.

That Chapter 11 bankruptcy law case was simply inevitable in the end. No matter the SBF’s decisions, the lawsuit could not be avoided.

Prior to the upcoming court hearing on the matter, J. Ray (who became the next chief executive officer of cryptocurrency trader FTX after its financial disaster took place) supplied a noteworthy statement on the matter. 

The FTX’s current leader refused to accept any pledge and explanations made by SBF, whose planned speech was to be heard in future court proceedings.

Following the trade’s financial disaster filing, Bankman-Fried claimed in numerous interviews that the infamous crypto trader was expected to resolve all its problems sooner or later and to be able to let customers complete all their transactions sometime later. 

The published letter has put investors in a bad mood

Nevertheless, as for Ray’s published argument, it became clear that the FTX crypto-trader no longer operated independently, and bankruptcy registering became needed to prevent even worse consequences from the company’s work. 

As part of an apologetic tour, SBF persisted in giving talks outlining his place in the actions that ultimately led to the demise of the industry.

According to Ray’s opinion on the causes that led to the financial crisis, clients’ possessions from FTX were silently transferred and collaborated with Alameda’s assets, and the hedging stock used these possessions for exchanging deals on the market, putting clients at risk to significant closings.

Following a December investigation into the collapse of FTX, the House committee hearing might be the second stage of it.

The CFTC’s chair, R. Behnam, testified alone during the Senate’s first hearing. The next court procedure was also set for December by the Senate Banking Committee.