FTX’s failures are rooted in “hubris, incompetence, and greed,” the crypto exchange’s new management team said in a report outlining scathing details about the lack of financial controls and record-keeping under founder Sam Bankman-Fried.
Mr. Bankman-Fried’s crypto hedge fund Alameda Research often had difficulty understanding what its positions were, let alone hedging or accounting for them, the report said.
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