FTX bankruptcy administrator Ray raises serious allegations against SBF

Denver Sam Bankman-Fried was supposed to testify before the US House of Representatives via video conference on Tuesday. But the founder of the insolvent crypto exchange FTX was surprisingly arrested in his adopted home in the Bahamas on Monday evening.

It is currently unclear whether the 30-year-old will still attend the hearing on Tuesday. According to insiders, however, it is considered unlikely. The company’s new boss, John Ray, is scheduled to testify on Tuesday as planned. Ray and Bankman-Fried make serious allegations against each other.

This emerges from a previously submitted statement by the insolvency administrator Ray, as well as from a draft of the statement that SBF probably wanted to make before Congress and which the Handelsblatt was able to see.

In the statement, Jay chooses sharp words for the old leadership of FTX: “Never in my career have I seen such a lack of corporate controls, from the absence of financial statements to a complete failure of internal controls to any form of governance standards. “