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

Hearings that will determine the fate of FTX, once one of the largest crypto exchanges globally, began Tuesday in the U.S. Bankruptcy Court for the District of Delaware.
“We are here on an unprecedented matter and I don’t say those words lightly,” James Bromley, a partner at Sullivan & Cromwell and co-head of the firm’s global restructuring practice, said during the hearing. “This is a first-day hearing well over a week after they were filed; that in itself is uncommon. But what we have here [ … ] is a different sort of animal.”
Prior to the bankruptcy filing, FTX was “in the control of a

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