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The Latest Breaking News from FTX

New FTX CEO Describes 'Complete Failure of Corporate Controls' in Scathing Court Filings

Plus: Twitter is alive and well, the U.K. considers unprecedented tax hikes, and more...

Reason

Binance's CZ calls alleged FTX fraudster SBF a 'psychopath' over tell-all threat

Changpeng Zhao, who suspects FTX of leaking information that endangered his children, had set in motion the events that sank FTX last week and wiped out all of his rival's wealth.

Fortune

Why the FTX scandal gets compared to Enron

If FTX's blowup is anything like Enron's, that means big changes are on the horizon for the systems that enabled the crypto company's rise and fall.

Axios

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read the most diverse news in one place.

Leaked FTX documents offer clues as to why VCs may have ignored due diligence

Staggering growth and FOMO whetted the appetite of venture capitalists, as evidenced by early SBF pitch files.

Fortune

A prominent investor once advised Sam Bankman-Fried’s FTX to form a board

The crypto exchange FTX, once valued at $26 billion, was operating without a real board. Its downfall could lead to renewed pressure for private companies to have independent directors.

Fortune

Editorial: Cryptocurrency stars can flame out. But they can’t take their customers with them

Out of nowhere, 30-year-old Sam Bankman-Fried became a billionaire mover and shaker in the world of cryptocurrency. Careful to make friends of powerful Democrats and media columnists alike, he threw money around the halls of Congress — and everywhere else he went — while threatening to disrupt Chicago’s financial futures…

Chicago Tribune

FTX collapse a warning to crypto bros

Crypto exchange FTX was valued at more than $30 billion just weeks ago. Now it's in bankruptcy proceedings

Salon

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India's Modi says digital currencies being used to fund terror

New Delhi (AFP) - Digital currencies need more regulation to stamp out funding for terror operations, India's Prime Minister Narendra Modi said Friday at a major international forum to combat financing of extremist groups.

AFP

The Loop: Premier confronted over flood response, Twitter employees leave in droves, Sean Turnell returns from Myanmar

Here's your TL;DR for today's news.

ABC News

FTX had a 'complete absence of trustworthy financial information' says new CEO

The man appointed to administer the collapsed crypto exchange in chapter 11 bankruptcy, who oversaw the clean-up after Enron's collapse, says he has never seen "such a complete failure of corporate controls".

ABC News

Kraken's incoming CEO labels FTX and SBF as 'thieves,' says acquisition rumors unfounded

“I think, what it boils down to from all the information we have [and] this bankruptcy report that has now been released is that FTX and SBF are complete frauds—not just frauds, but thieves,” David Ripley, incoming CEO at Kraken, tells Fortune.

Fortune

Miami Heat's arena could be sponsored by strip club after crypto company collapses

Miami Heat are looking for a new naming partner for their stadium following the collapse of FTX, the third-largest cryptocurrency exchange in the world - and a strip club has joined the race

Daily Mirror

Bill Shaikin: Shohei Ohtani and Major League Baseball take a hit over FTX ties

LOS ANGELES — This should be a banner week for Shohei Ohtani, baseball's truly global superstar.

Los Angeles Times

Billionaire Jack Dorsey to Investors: Trust No One in Crypto

The overnight implosion of cryptocurrency exchange FTX caused an earthquake that cast suspicion on the entire industry.

The Street

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The Street

Fallen FTX Was the Wild West

Sam Bankman-Fried's crypto empire was a kleptocurrency exchange, where management and employees were allowed almost everything.

Fortune

The Enron man in charge of restructuring FTX has one big takeaway from this bankruptcy: There is no paper trail

Usually in bankruptcies, it's at least clear who the 50 largest creditors are, or where the money was coming from. Not this time.

Fortune

FTX users have a leg up on other crypto bankruptcy victims—on paper

If FTX customers retain control of their digital assets, then those funds need to be returned—not put through bankruptcy.

Daily Mirror

Tom Brady sued over crypto currency collapse which could cost NFL legend millions

Seven-time Super Bowl champion Tom Brady is being sued for his role in promoting cryptocurrency exchange FTX, which had to seek bankruptcy protection last Friday

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news in one place.

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The Street

Fallen FTX Founder Bankman-Fried Gives Regulators the Middle Finger

Sam Bankman-Fried fires off a missive about financial regulators on Twitter and discusses them with a reporter.

The Street

Fallen FTX Was the Wild West Run By Unscrupulous Cowboys

Sam Bankman-Fried's crypto empire was a kleptocurrency exchange, where management and employees were allowed almost everything.

Fortune

FTX broke ground on a $60M Bahamas headquarters in April. Construction never started

The project promised hundreds of jobs, but “nothing was ever done.”

Fortune

'We didn't even notice': Binance CEO CZ on alleged FTX battle

Changpeng Zhao also said in a Thursday interview he hopes the blame for FTX’s failure falls squarely on SBF.

The Street

Bankman-Fried Received $1Bn in Personal Loan from His Company

The founder of the FTX cryptocurrency exchange borrowed money from one of his bankrupt companies.

Fortune

Tech venture capital fueled FTX’s rise—and bears some responsibility for its downfall

Mounting evidence shows VC firms ignored major warning signs and failed to take basic risk-mitigation steps.

Fortune

As FTX crumbled, Sam Bankman-Fried's Bahamas penthouse was put up for sale. The listing was a fake

A viral real estate listing thought to belong to SBF was the result of a "web malfunction."

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