FTX’s new CEO, John Ray, details crypto exchange’s downfall in US House testimony

The U.S. House Financial Services Committee held a hearing Tuesday morning focused on FTX’s collapse, mere hours after the crypto exchange’s former CEO, Sam Bankman-Fried, was arrested in the Bahamas.
Bankman-Fried was originally scheduled to testify at the hearing, an appearance that was scuttled after he was taken into custody by Bahamian authorities in light of charges from the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission and the Department of Justice’s Southern District of New York.
John J. Ray III, FTX’s CEO of four weeks, sat as the only witness for t

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