FTX's new boss says security was so weak that founders could 'download half a billion dollars' of crypto without detection, report says
FTX's weak security meant its cofounders — who have both been charged with fraud — could easily have stolen hundreds of millions of dollars' worth of crypto, the bankrupt firm's new CEO said in court testimony reported byJohn J. Ray III, who was drafted in to oversee FTX after its collapse and previously handled Enron's liquidation, made the comments at the Delaware bankruptcy court Monday, per Coindesk.
"Literally one of the founders could come into this environment, download half a billion dollars' worth of wallets onto a thumb drive, and walk off with them," he said, per Coindesk, adding:"And there'd be no accounting for that whatsoever." FTX filed for bankruptcy protection in the US, and then-CEO Bankman Fried resigned his position, on November 11. FTX lawyers later said the company ran out of assets partly because executives had a
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