The staggering degree of mismanagement and laxity called out in a court filing by new FTX CEO John Ray sent shockwaves through the legal community, raising the question of what level of culpability, if any, may rest with the platform’s legal division.

“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” wrote the new CEO, who past experience includes supervising Enron’s notorious bankruptcy. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”

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