Its official: There will be no further attempts to salvage FTX.
Those close to the company had previously implied the beleaguered exchange could still, somehow, make a comeback.
Thank God that wont be happening.
Photo: TIMOTHY A. CLARY / AFP (Getty Images)
Subsequent reports from the exchanges restructuring team have allegedcartoonish levels of incompetence and malfeasanceat the company.
The company is said to have misallocated and lost billions of dollars worth of customer funds.
In December of 2022, Bankman-Fried was charged by authorities with a massive illegal financial scheme.
He is currently awaiting sentencing, which is scheduled to occur on March 28.
He faces a maximum penalty of 115 years in prison.
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