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    5 major revelations about the collapse of crypto giant FTX

    At the first hearing in FTX's bankruptcy proceedings, lawyers confirmed that millions of dollars are stolen or missing, and revealed stunning details about the downfall of the once-mighty exchange
    by David Gura Nov 23, 2022 3 minutes
    As FTX collapsed in early November, Samuel Bankman-Fried handed over control the cryptocurrency exchange he founded to John J. Ray III, a corporate turnaround specialist.

    Lawyers for the once-mighty crypto-exchange FTX described a company riddled with dysfunction and mismanagement during a court hearing on Tuesday, as they sought to explain how the sprawling empire founded by Sam Bankman-Fried was brought to its knees in a matter of days.

    "We have witnessed one of the most abrupt and difficult collapses in the history of corporate America," said James Bromley, an attorney representing the company.

    Last month, FTX was one of the most popular cryptocurrency exchanges

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