FTX’s bankruptcy hearing details prior control by ‘inexperienced and unsophisticated individuals’

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Hearings that will determine the fate of FTX began Tuesday in the U.S. bankruptcy court.

James Bromley, a partner at Sullivan & Cromwell and co-head of the firm's global restructuring practice, spoke during the hearing. This is the first day of a hearing, and it is rare. There is a different type of animal here.

FTX was in the control of a small group of inexperienced and unsophisticated individuals. Some or all of them may have been compromised.

TheCryptocurrencies filed for Chapter 11 bankruptcy on November 11. Sam Bankman- Fried resigned from his position as FTX CEO and John J. Ray III was appointed as the new CEO. Ray was at the hearing along with more than 1,100 other people who joined the hearing on the internet.