Part 6/9:
As the brutal truth unfolded, it became painfully clear that the operations within FTX bore the marks of a deeply flawed system fueled by reckless and, at times, absurd decision-making. Prior to the debacle, SBF’s focus was on liquidity and capital management, yet he treated users' funds carelessly. The temporary solace of Uncle Sam would later follow as the new CEO, John Ray, stepped in to untangle the immensely chaotic web of deceit and losses. Ray has since remarked that the situation at FTX is “worse than Enron,” tragically underscoring the scale of the disaster.