Washington Times · Dec 13, 2022
New FTX CEO says lax oversight, bad decisions caused failure
Crypto exchange FTX CEO John Ray, testifies before the House Financial Services Committee on the collapse of crypto exchange FTX, Tuesday, Dec. 13, 2022, on Capitol Hill in Washington. (AP Photo/Manuel Balce Ceneta)The new CEO of the failed cryptocurrency exchange FTX is appearing before a House committee Tuesday, detailing for lawmakers the lack of oversight and financial controls that he discovered since taking over the company a month ago.
John Ray III called FTX’s collapse one of the worst business failures he has seen - a “paperless bankruptcy,” fueled by an “unprecedented lack of documentation.”