The liquidators picking over the remains of FTX have released their first formal report into the collapse of Sam Bankman-Fried’s empire – and it somehow appears things are even worse than was initially believed. The 39-page dossier [PDF] details an organization with little to no oversight of its own operations, and leadership that stifled dissent, commingled funds, lied to investors and the public, and routinely misplaced millions of dollars belonging to customers.

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