QuickBooks

The new CEO of the failed cryptocurrency exchange FTX is appearing before a House committee Tuesday, detailing for lawmakers the lack of oversight and ...

An indictment unsealed Tuesday charged Bankman-Fried with a host of financial crimes and campaign finance violations, alleging he played a central role in the rapid collapse of FTX and hid its problems from the public and investors. Enron was one of the biggest corporate frauds in U.S. Ray, a long-time corporate restructuring expert, said the situation at FTX was worse that what he found at Enron two decades ago. The collapse of crypto’s second-largest exchange has garnered worldwide attention, and prompted worries in the crypto industry that the pain could become widespread. The arrest was made at the request of the U.S. Notably absent from the hearing before the House Financial Services Committee is FTX’s founder and former CEO Sam Bankman-Fried, who was arrested in the Bahamas just hours before he was scheduled to testify.

Collapsed crypto exchange FTX's internal recordkeeping tools included chat service Slack and accounting platform QuickBooks. new Chief Executive John Ray ...

“Nothing against QuickBooks–very nice tool–just not for a multibillion-dollar company.” Ray said FTX employees communicated invoicing and expenses via Slack, a chat tool, while the firm used Intuit Inc.’s QuickBooks to do its accounting.\n\n“QuickBooks?” Ms. new Chief Executive John Ray said Tuesday.\n\n“I’ve done probably a dozen large-scale bankruptcies over my career,” Mr.

FTX CEO John Ray III blasted Sam Bankman-Fried and his top business associates during scorched-earth testimony before a key House panel on Tuesday – just ...

The FTX founder wrote that he regretted filing for bankruptcy and accused the Ray-led FTX leadership team of ignoring his attempts to make contact. Ray and the Chapter 11 team numerous times. Ray made several eye-opening assertions in his remarks to Congress — noting that Bankman-Fried had received “numerous loans, some of which were documented,” during his time running the company. “Rest assured that this committee will not stop until we uncover the full truth behind the collapse of FTX.” “While many things are unknown at this stage, and many questions remain, we know the following: First, customer assets from FTX.com were commingled with assets from the Alameda trading platform — that much is clear,” Ray added. Bankman-Fried is alleged to have secretly funneled FTX client funds to prop up Alameda Research.

John Ray, who took over the crypto exchange company after it filed for bankruptcy, testified before Congress on Tuesday.

“And we need answers for the U.S. Contrary to Bankman-Fried’s own representations, Ray also alleged there was “virtually no distinction whatsoever” in the leadership between FTX, its U.S. “We need to examine the actions of those who contributed to what has been called a 'complete failure of corporate controls,'” he said. Bankman-Fried has claimed he was unaware of the customer funds being lent to Alameda, seeming to place blame on Alameda CEO and his on-and-off girlfriend, Caroline Ellison. Ray expressed astonishment that there was “no record-keeping whatsoever” at the business. “The FTX group is unusual.”