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December 2, 2022

The Guy Who Saw Enron Through Bankruptcy Calls FTX the Worst He’s Ever Seen

dumpster fire

If you aren’t familiar with him, John J. Ray III oversaw Enron’s liquidation many years back and now he’s stuck with the monumental task of unraveling FTX after the crypto exchange collapsed last week. @jonwu_ dug through FTX’s Chapter 11 First Day Affidavit so you don’t have to and in it, Mr. Ray has given a scathing review of the company’s operations that make Nigerian princes look like genius masterminds of advanced financial malfeasance. This guy knows a thing or two about shady operations and it seems FTX is without a doubt the shadiest he has ever seen.

If you can prefer, you can find the entire thread in a single image here. There’s a TL;DR at the bottom.

Let’s get right to it.

This is the Prager Metis metaverse office to which he is referring. Here’s a shot from their big metaverse office launch party in October (srs):

Prager Metis metaverse party

Back to Jon’s thread:

Full affidavit PDF here.

So that’s about the gist of it. Hope you feel sufficiently in the loop now.

Further reading:
New Chief Calls FTX’s Corporate Control a ‘Complete Failure’ [New York Times]

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