Documentary underway on FTX collapse; Oscar nominee directing for award-winning production company
FTX was once valued at $32 billion and was the world’s third-largest cryptocurrency exchange
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A documentary on the collapsed cryptocurrency exchange FTX is underway in the Bahamas with Oscar-nominated and Emmy winning director David Darg at the helm, according to a report.
The Bahamas-based company filed for Chapter 11 bankruptcy last week and CEO Sam Bankman-Fried resigned. New CEO John Ray III was appointed and accused Bankman-Fried of allowing "a complete failure of corporate controls."
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in a filing with the U.S. Bankruptcy Court for the District of Delaware. "From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented."
The documentary will be produced by XTR, a nonfiction production company known for documentaries like "They Call Me Magic," "Ascension" and "76 Days" an Emmy Award-winning documentary about medical professionals battling the COVID-19 pandemic in China, according to Variety.
NEW FTX BOSS CONDEMNS BANKMAN-FRIED FOR ‘COMPLETE FAILURE OF CORPORATE CONTROLS’
Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken Nov. 10, 2022. (Reuters/Dado Ruvic/Illustration/File Photo / Reuters Photos)
The film will allow "unprecedented access to key players at FTX and the cryptocurrency community [and] will explore the corporate drama that upended markets, sparked government investigations and sent shock waves through an industry still battling to gain mainstream credibility," XTR told Variety.
Executive producer Justin Lacob called FTX’s fall the "most sensational financial story since WallStreetBets disrupted the stock market during the pandemic," saying, it "exposes major flaws within the cryptocurrency universe."
INSIDE THE COLLAPSE OF CRYPTO EXCHANGE FTX: EVERYTHING YOU NEED TO KNOW
He added, "With our exclusive access and our team already on the ground, we’re excited to dive deep into this breaking story, which has already ensnared celebrities like Tom Brady. It’s incredibly thrilling to embark on this investigative journey without knowing where the bread crumbs will lead us."
Several celebrities, including Brady, his ex Gisele Bündchen, Larry David and Steph Curry have also been named as defendants in a class action lawsuit over their endorsements of the cryptocurrency exchange.
Bankman-Fried is also named in the lawsuit, which alleges celebrity involvement convinced Americans to invest "billions of dollars into the deceptive FTX platform to keep the whole scheme afloat."
Ray added that in the Bahamas "corporate funds of the FTX Group were used to purchase homes and other personal items for employees and advisers. I understand that there does not appear to be documentation for certain of these transactions as loans, and that certain real estate was recorded in the personal name of these employees and advisers on the records of the Bahamas."
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FTX was once valued at $32 billion and was the world’s third-largest cryptocurrency exchange.
FOX Business' Megan Henney contributed to this report.