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.”
Notably absent from the hearing before the House Financial Services Committee is FTX’s founder and former CEO Sam Bankman-Fried, who was arrested in the Bahamas just hours before he was scheduled to testify. The arrest was made at the request of the U.