FTX's downfall attributed to hubris, incompetence, and AWS storage of wallet keys.

Debtors of failed cryptocurrency exchange FTX have released a report alleging "hubris, incompetence, and greed" led to the exchange's collapse. The report cited a lack of controls in management, governance, and accounting, and alleged that a small group of individuals "stifled dissent" and "misused corporate and customer funds." FTX filed for Chapter 11 bankruptcy in November 2021 after a week of liquidity crisis, and its top brass have faced criminal cases. The debtors have recovered and secured over $1.4 billion in digital assets and identified an additional $1.7 billion in digital assets that they are in the process of recovering.