John J. Ray III

What the new management found and what came after.

John Ray, the corporate turnaround specialist brought in as FTX's new chief executive to oversee the bankruptcy, the same executive who had previously overseen Enron's post-collapse wind down, told a congressional committee and the bankruptcy court that in more than 40 years of legal and restructuring work, he had never seen such a complete absence of corporate controls.

His filings described senior employees approving company expenditures by reacting to messages with emojis on an internal chat platform.

Bahamas Real Estate purchased with company funds but registered in individual employees' names, and financial records kept in a manner that made a reliable accounting of the company's true financial position.