FTX bankruptcy lawyer: company's "massive" cryptocurrency assets stolen or missing

CTOnews.com, Nov. 23 (Xinhua)-- lawyers for the encrypted currency trading platform that declared bankruptcy said in court on Tuesday, local time, that user runs and liquidity problems led to the collapse of the company, and that FTX's "substantial" assets are currently unknown and may have been stolen, according to the Wall Street Journal.

In his first appearance in Delaware bankruptcy court, James Bromley, FTX's new management lawyer, said: "FTX is controlled by inexperienced and immature individuals, some or all of whom have problems."

CTOnews.com learned that on November 11, FTX announced that bankruptcy proceedings had been initiated in the United States. FTX said in a statement that CEO Sam Bankman-Fried has resigned but will remain at the company to assist in an orderly transition. In addition, John Ray has been appointed as FTX's new CEO.

In court, lawyer James Bromley alleges that FTX operates as Bankman-Fried 's "personal territory". Earlier, FTX said it had launched a strategic review of its global assets and was preparing to sell or restructure some of its operations.