FTX logo with crypto coins with 100 Dollar bill are displayed for illustration. FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.
FTX employees claimed expenses through chat messages, its new CEO said.
Random managers would then approve the official claims by using personalized emojis, John Ray added.
In his damning report, Ray said FTX failed to keep communication, hiring, and financial records.
Employees of crypto exchange FTX would file expense claims through chat messages, and random managers would approve the claims by responding with emojis, the firm’s new CEO said in court filings.
New CEO John Ray said FTX employees submitted payment requests to a “disparate group of supervisors,” who would approve expenses “by responding with personalized emojis,” FTX’s Thursday bankruptcy filing shows.
“The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise,” Ray…
This article was written by [email protected] (Matthew Loh) and originally published on www.businessinsider.com