'This is really old-fashioned embezzlement,' new FTX CEO John J. Ray says in a House hearing on the collapse of the crypto firm. 'This is just taking money from customers and using it for your own purpose. Not sophisticated at all.'
, but in reality user data was amalgamated between the two," Ray testified. The crypto exchange collapsed after it came to light that Alameda had been using FTX customer assets to cover trading losses.
in a November YouTube interview with crypto blogger Tiffany Fong. These types of "dark" nonprofit groups allow donors to give an unlimited of money, without having to disclose their names. Sam Bankman-Fried, co-founder and chief executive officer of FTX, in Hong Kong, China, on Tuesday, May 11, 2021.the disgraced crypto executive, who made nearly $40 million in publicly disclosed political donations in the 2022 election cycle, with violating multiple campaign finance laws.
"I don't want to speak to detailed regulations," Ray testified, but "my basic observation is that you need records, you need controls, and you need to segregate people's money." The Cyprus SEC had suspended FTX's European license just prior to FTX's Chapter 11 bankruptcy protection filing, but has complained that John J. Ray, FTX's new CEO, has stymied efforts at an investigation, the Wall Street Journal previously reported.
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