Poor management practices and inexperienced leaders led to FTX’s implosion, the crypto exchange’s new chief executive, John Ray, told United States legislators, shortly after regulators charged founder Sam Bankman-Fried with defrauding investors.“The FTX group’s collapse appears to stem from absolute concentration of control in the hands of a small group of grossly inexperienced, non-sophisticated individuals,” Ray told the US House of Representatives Financial Services Committee on Tuesday.Ray, who was named CEO after Bankman-Fried stepped down and the company filed for bankruptcy on November 11, also said there was virtually no distinction between the operations of FTX and Alameda Research – Bankman-Fried’s crypto trading firm, which maintained close ties with his exchange.
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