Wednesday, May 31Welcome

New chief John J. Ray slams previous leadership

An illustration of the silhouette of Sam Bankman-Fried crumbling.

Illustrated by Brendan Lynch/Axios

FTX Group’s new chief, John J. Ray III, has gutted the former leadership of the now-bankrupt cryptocurrency exchange, outlining their “unacceptable management practices.”

News promotionIn prepared remarks at a House Financial Services Committee hearing on Tuesday, Wray said the FTX collapse was “totally focused in the hands of a very small group of very inexperienced and unsophisticated individuals. It seems to be caused by “that

what’s happening: Ray, who is the only witness besides FTX founder and former chief executive Sam Bankman-Fried, will answer questions from lawmakers during one of two panels on Tuesday.

detail: Ray’s version of what went wrong with FTX may contradict SBF’s description.

  • For example, Ray said FTX US was subject to Chapter 11 bankruptcy because it “did not operate independently of”
  • Meanwhile, SBF continue to insist That FTX US customers can be perfect.

conspiracy: Ray said, as with SBF, we may not have all the answers right away.

what he says“Today, my ability to comment on specific issues is substantially limited by the state of FTX Group’s books and records, ongoing bankruptcy proceedings, and numerous ongoing investigations by U.S. law enforcement and regulators. It should be noted that

Opposite side: The SBF said at a Twitter Spaces event on Monday that his testimony may not satisfy lawmakers.

Conclusion: Tuesday’s hearing may not reveal any significant facts about FTX.

Further details: FTX’s Sam Bankman Fried: ‘Failed’

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