New FTX CEO John Ray: Commingling Client Funds Not an Accident
New FTX CEO John Ray testified before the U.S. House Financial Services Committee on Tuesday. This is the first hearing in the committee’s public investigation into the collapse of the crypto exchange.
During the hearing, Ray told the committee that usage of FTX customer funds by Alameda was intentional, not an accident. He also criticized FTX for poor record keeping, claiming that the company used QuickBooks for bookkeeping.
FTX founder Sam Bankman-Fried was also scheduled to testify remotely, but he was detained by Bahamian law enforcement Monday evening. This comes after a U.S. court shared a sealed indictment with the authorities of the island nation….