New FTX chief describes the firm’s collapse in bankruptcy testimony
Recently appointed FTX chief John J. Ray III explains where missing customer funds went in his latest statement to US officials.
Cryptocurrency news by Protos · Protos
Audio is streamed directly from the publisher (sphinx.acast.com) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
Recently appointed chief exec of crypto exchange FTX, John J. Ray III, provided new insight into the firm’s collapse in prepared testimony on Tuesday.
At a US House Financial Services hearing on the subject, Ray explained that the firm seems to have failed due to “the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money.”
Hosted on Acast. See acast.com/privacy for more information.