FTX was an ‘utter failure of corporate controls at every level of an organization’, says new CEO By Cointelegraph
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John Ray, who took over as CEO of crypto exchange FTX amid bankruptcy proceedings, has provided detailed written testimony ahead of his Dec. 13 appearance before the United States House Financial Services Committee.
In testimony made available for the “Investigating the Collapse of FTX, Part I” hearing, Ray reiterated many of the claims made in bankruptcy court, saying the collapse of the collapse was due in part to “the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals.” Ray, who oversaw the liquidation of energy company Enron during the early 2000s, added that the leadership at FTX had “failed to implement virtually any of the systems or controls” necessary to protect consumer assets.
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John Ray, who took over as CEO of crypto exchange FTX amid bankruptcy proceedings, has provided detailed written testimony ahead of his Dec. 13 appearance before the United States House Financial Services Committee.
In testimony made available for the “Investigating the Collapse of FTX, Part I” hearing, Ray reiterated many of the claims made in bankruptcy court, saying the collapse of the collapse was due in part to “the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals.” Ray, who oversaw the liquidation of energy company Enron during the early 2000s, added that the leadership at FTX had “failed to implement virtually any of the systems or controls” necessary to protect consumer assets.
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