The new CEO of cryptocurrency exchange FTX, John Ray III, said that the former executives of the exchange had “no internal controls”.
John Ray, who replaced Sam Bankman-Fried, made statements about FTX before the Congressional Financial Services Committee.
company with FTX US branch FTX USA Evaluating the relationship between Ray, Despite the statements made in the past, FTX USA is actually completely independent from FTX. declared that he was not.
“We now see that crypto assets on FTX.com and crypto assets on FTX USA are kept in the same database.” Ray stated that all crypto assets on these platforms are held in “the same web format” through Amazon Web Services.
Ray, who oversaw the restructuring of FTX, also not properly managed for a long time gave your message.
There is no independent board in the company and there are some records that need to be kept. not being held Noting that, Ray said, “This is not something that happened overnight or in a week.” said and the company “There is no internal control in any way” told.
Ray also noted that FTX employees “talk about billing and expenses on Slack” at the company, accounting for A software called QuickBooks He said it was done through.
“I’m not trying to disparage QuickBooks. It’s a pretty good tool. But not for a multi-billion dollar company.”