FTX CEO Says Sam Bankman-Fried Released Crypto in Bahamas to Undermine Chapter 11

John J. Ray III, the new CEO of FTX, accused founder Sam Bankman-Fried of seeking to undermine its bankruptcy process by aiding Bahamas authorities in a $100 million crypto transfer

FTX Chief Executive John J. Ray III told Congress he believes Sam Bankman-Fried sought to undermine the company’s bankruptcy when he helped Bahamian authorities withdraw $100 million in cryptocurrency from the platform as the exchange spiraled toward collapse.

Mr. Ray criticized Bahamian authorities during a U.S. House Committee on Financial Services hearing Tuesday on FTX’s failure and his efforts to recover customers’ funds. His testimony intensified aContinue reading your article with

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