They had no real board. They had no real governance. What's amazing is that large venture funds would put this much money into this kind of company without any board seats.
https://www.businessinsider.com/ftx-sam-bankman-fried-league...
They come across more like frat bros with huge pockets casually giving away billions under a pinky promise of eventual returns.
At this point, they are doing the same level of DD as those degens in WSB.
But I guess you don't have much leverage when the fed is printing trillions for years and we end up with dozens of Zuckerberg types, too much power and no oversight to hold them accountable.
Obviously, some boards are better than others at oversight, but the complete absence of a functioning board, as was the case at FTX, is definitely very, very unusual.
Often hiding their "secret sauce", which often turn out to be lies and deception for a variety of reasons.
It is no longer very very "unusual" when free loans, credit and liquidity has been floating around for years thanks to the money printer.