With the FTX crypto exchange’s collapse, many events erupted in the crypto space. As a result, more of FTX’s investors and partners record massive losses with no potential recovery system.
FTX filed for bankruptcy last week, but shocking revelations are now creeping out following its bankruptcy filing. A deeper examination of the crypto exchange disclosed that FTX operations have more than the eye could see with many coatings.
FTX Inappropriate Governance Structures
An examination of the FTX’s 30-page filing report indicates that the crypto exchange has inappropriate governance structures. A majority of the entities under the FTX Group, especially those in the Bahamas and Antigua, lack the right organizational lines in operation. For example, most of the branches do not have board members. Hence, they never held any board meetings.
Also, the company has no comprehensive and proper record of its staff. There were no apparent records of the working period and responsibility for its
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