💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

FTX hearing: US lawmakers criticize use of Quickbooks, creepy dough, and 'conscientious stupidity'

Published 12/13/2022, 12:48 PM
Updated 12/13/2022, 02:20 PM

Though Sam Bankman-Fried could not attend the congressional hearing virtually due to his recent arrest in the Bahamas, United States lawmakers held no punches criticizing the former FTX CEO and business practices at the firm.

As the sole witness before a hearing of the U.S. House Financial Services Committee on Dec. 13, FTX CEO John Ray shed light on many of the crypto exchange’s activities prior to his takeover as company head on Nov. 11 and what subsequent investigations had revealed. According to Ray, Alameda Research had been dependent on funds from FTX Trading — the international arm of the FTX Group — with “no internal controls and no separateness whatsoever” between the two firms.

FTX CEO John Ray addressing the U.S. House Financial Services Committee on Dec. 13

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.