FTX was a "total failure of corporate controls at all levels of an organization", says new CEO
Against some of SBF's claims, John Ray stated that "FTX US was not operated independently of FTX.com" and that a chapter 11 filing was required to avoid a bank run.
![FTX was a total checks failure 'enterprise at all levels of an organization,' says new CEO](https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror= redirect,quality=90,width=1434/https://s3.cointelegraph.com/uploads/2022-12/e312b79b-d8b2-466d-a504-0a9ae0080d65.jpg)
![FTX was a "total failure of corporate controls at all levels of an organization", says new CEO](https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvZTMxMmI3OWItZDhiMi00NjZkLWE1MDQtMGE5YWUwMDgwZDY1LmpwZw==.jpg?#)
Against some of SBF's claims, John Ray stated that "FTX US was not operated independently of FTX.com" and that a chapter 11 filing was required to avoid a bank run.
![FTX was a total checks failure 'enterprise at all levels of an organization,' says new CEO](https://images.cointelegraph.com/cdn-cgi/image/format=auto,onerror= redirect,quality=90,width=1434/https://s3.cointelegraph.com/uploads/2022-12/e312b79b-d8b2-466d-a504-0a9ae0080d65.jpg)
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