FTX suffered a “complete failure of corporate controls”, according to a damning bankruptcy report by new chief executive John J Ray III, who has revealed FTX funds were used to buy homes for employees and advisers alongside a raft of stunning mis-uses.

Mr Ray, who is noted for his involvement in the Enron investigation and was installed after FTX founder Sam Bankman-Fried resigned last week – reported on Friday the internal controls of the exchange that once boasted a $32 billion valuation was among the worst he’d ever seen.