John J. Ray III, who was recently appointed CEO of FTX Exchange, spoke about the numerous problems that are currently being experienced by the company as well as the lack of leadership that was displayed by Sam Bankman-Fried and other executives who were formerly in charge of the business.

"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," said Ray. "Never in my career have I seen such a complete failure of corporate controls as occurred here." "From compromised system integrity and faulty regulatory oversight abroad to the concentration of control in the hands of a very small group of inexperienced, unsophisticated, and potentially compromised individuals, this situation is unprecedented." [Citation needed] "This situation is unprecedented.

Ray went on to explain that he has more than 40 years of experience reorganizing businesses, including the kind of organization that is required for FTX. When one considers that someone with that level of experience has never seen "failure" at this level, his remarks sting a little bit more than they would otherwise.

The declaration lays out the five primary goals that the new leadership team has in order to get things moving in the right direction. These goals are the implementation of controls, the protection and recovery of assets, the transparency and investigation of the situation, the efficiency and coordination of efforts, and the maximization of value.

In addition to this, Ray voiced his worries over the audited financial accounts that are now available. According to the documentation, Prager Metis is the "first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland." This distinction was awarded to the company because it was the auditor for the documentation.

The new CEO of FTX explained that he was unaware of anything regarding this auditing firm and stated that he did not believe it was appropriate for stakeholders or the court to rely on the audited financial statements as a reliable indication of the financial circumstances of these silos. He also stated that he did not know anything about this auditing firm.

In addition, Ray discussed how FTX funds were improperly used "to acquire residences and other personal items for staff and advisors."