New FTX CEO John Ray told U.S. lawmakers on Tuesday that there was virtually no distinction between the operations of FTX and Alameda Research, Sam Bankman-Fried’s crypto trading firm
Shortly after U.S. regulators on Tuesday charged FTX founder Sam Bankman-Fried with defrauding investors, its new chief executive told lawmakers the crypto exchange’s implosion stemmed from poor management practices and inexperienced individuals at the helm.
“I’ve just never seen an utter lack of record keeping – absolutely no internal controls whatsoever,” Ray told the U.S. House of Representatives Financial Services Committee.Bankman-Fried was arrested Monday evening in the Bahamas and was set to appear before a magistrate Tuesday. U.S. federal prosecutors on Tuesday alleged the heThe Bahamas attorney-general’s office said it expects Bankman-Fried will be extradited to the United States.
Ray also addressed why FTX US was included in the bankruptcy filing. Bankman-Fried has expressed confusion about that in media interviews, claiming the company’s U.S. entity was financially sound.
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