FTX CEO Testifies on Cryptocurrency Company's Collapse
The House Financial Services Committee convened a hearing as part of its investigation of the crypto currency company FTX, which collapsed i… read more
The House Financial Services Committee convened a hearing as part of its investigation of the crypto currency company FTX, which collapsed in early November 2022. The company’s former CEO, Sam Bankman-Fried, was scheduled to testify but was instead arrested on December 12 in the Bahamas on several criminal counts, including wire fraud and misuse of customers' money. John Ray, the company’s current CEO who took over that position in November 2022, during testimony at this hearing attributed the company’s collapse to a number of reasons, including that it is run by a group of people he called “grossly inexperienced.” He added that FTX had poor record keeping practices and used the accounting software QuickBooks, which is intended for small and medium-sized companies. Mr. Ray has worked on the bankruptcies of several businesses, including defunct energy company Enron. close
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Points of Interest
For quick viewing, C-SPAN provides Points of Interest markers for some events.
Click the play button and move your cursor over the video to see the . Click on the marker to see the description and watch.
You can also click the in the lower left of the video player to see a complete list of all Points of Interest from this program - click on any moment in the list and the video will play.
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FTX CEO John Ray's Opening Statement on Company's Collapse
Current FTX CEO John Ray delivers an opening statement before the House Financial Services Company on the collapse of th…
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