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FTX, the cryptocurrency exchange that Sam Bankman-Fried co-founded, was valued at $32 billion last month.
Since then, it has all collapsed. Mr. Bankman-Fried has taken a spectacular fall that has rippled across the worlds of business, finance and politics. He was forced to resign as chief executive, he is under investigation by the Securities and Exchange Commission and the Department of Justice, and his company may owe money to more than a million people and organizations.
At a bankruptcy hearing last week, FTX lawyers said that a “substantial amount” of the company’s assets were missing or stolen and that the exchange had been run like Mr. Bankman-Fried’s “personal fiefdom.”
FTX’s new chief executive, the restructuring expert John Jay Ray III, said in a filing that he had never seen “such a complete failure of corporate control.” Mr. Ray previously helped manage the aftermath of Enron’s implosion.