© Reuters. FILE PHOTO: The brand of FTX is seen on the entrance of the FTX Area in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello/File Photograph
(Reuters) – FTX CEO John Ray will inform lawmakers on Tuesday that the bankrupt cryptocurrency alternate had “unacceptable administration practices” together with the commingling of belongings and lack of inner controls, in accordance with ready remarks printed by the U.S. Home Monetary Providers Committee.
FTX filed for U.S. chapter safety final month and its founder Sam Bankman-Fried resigned as chief government. Each Ray and Bankman-Fried will testify earlier than the committee on Tuesday at 10 a.m. ET (1500 GMT).
Ray in his ready remarks mentioned that the FTX collapse appeared to stem from the focus of management “within the arms of a really small group of grossly inexperienced and unsophisticated people.”
