The new CEO of cryptocurrency exchange FTX, John Ray, is preparing to testify before the U.S. House of Representatives Financial Services Committee on December 13.
John Ray said that in the report prepared for the hearing, he will focus on the analysis of “asset pooling as an unacceptable method of management in the FTX Group.” In a conversation with reporters, he confirmed what many media had previously reported – that FTX client funds were criminally directed to Alameda Research to finance dubious projects.
Ray accuses the former FTX executives of going on a rampage, spending more than $6 billion, of which more than $1 billion went to “insiders” in the form of personal loans or direct payments. The FTX CEO noted that he and his team are undertaking “painstaking legal efforts” to find and recover the company’s missing assets.
Sam Bankman-Fried, the former head of FTX cryptocurrency exchange, told The Block in an interview that he strongly disagrees with the allegations made against him and disputes claims of a lack of financial control.
Source: Bits
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