FTX CEO Testifies on Cryptocurrency Company's Collapse
2022-12-13T10:12:33-05:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvNjA2XC8wMDNcLzE2NzA5NDYxMjNfMDAzLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19The 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.
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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