FTX filed for U.S. bankruptcy protection last month and its founder Sam Bankman\u002DFried resigned as chief executive.
“Never in my career have I seen such an utter failure of corporate controls at every level of an organization, from the lack of financial statements to a complete failure of any internal controls or governance whatsoever,” Ray said.Article contentas traders rushed to withdraw $6 billion from the platform in just 72 hours.
Ray said in his testimony that he has hired a new chief financial officer, a head of human resources and administration and a head of information technology. He has also appointed a board of directors, which is chaired by former U.S. Attorney Joseph Farnan.Article content Ray also addressed why FTX US was included in the bankruptcy filing, which Bankman-Fried has expressed confusion about in media interviews, claiming that the company’s U.S. entity is financially sound.
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