FTX's downfall attributed to hubris, incompetence, and greed

Debtors of FTX, the now-defunct cryptocurrency exchange, released a report alleging a lack of controls in management, governance, and accounting, as well as a lack of digital asset management, information security, and cybersecurity controls. The report also claimed that a small group of individuals "stifled dissent" and "misused corporate and customer funds." FTX filed for Chapter 11 bankruptcy in November 2021 after a week of a liquidity crisis, and its implosion was attributed to "hubris, incompetence, and greed."