The crypto exchange FTX went bankrupt last week (opens in new tab), after a liquidity crisis exposed a financial black hole the full extent of which no one yet knows. As allegations begin in the crypto world, the man charged with overseeing FTX’s bankruptcy and working out what this company has been up to thinks this is even worse than Enron.

And he should know. John Ray III has more than 40 years of legal restructuring experience, including as CEO of Enron during its liquidation, and working on major bankruptcies such as Nortel, Residential Capital and Overseas Shipholding. He is now filed a affidavit with Delaware Bankruptcy Court (opens in new tab) of his initial findings with FTX, which begins with the statement, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of reliable financial information as here.”

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By wy9m6

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