Ahead of Tuesday’s U.S. House Financial Services Committee hearing on FTX, John Jay Ray III, FTX’s new CEO since bankruptcy, filed written testimony which outlines several “unacceptable management practices,” the new CEO uncovered at the bankrupt crypto exchange.
Ray said in prepared remarks FTX’s demise was due to “the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals.”
Additionally, Ray, who led the liquidation of…
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