John Ray III, who took FTX over from Sam Bankman-Fried last month, told the House Financial Services Committee on Tuesday that record-keeping under Bankman-Fried was virtually nonexistent.
One key question that investigators had about the implosion was whether Bankman-Fried commingled customer funds at FTX with those of associated cryptocurrency hedge fund Alameda Research, which he also founded. Ray testified Tuesday that funds between the two companies were undeniably tied. “Third, the FTX group went on a spending binge in 2021, 2022, during which $5 billion was spent on a myriad of businesses and investments, many of which may only be worth a fraction of what was paid for them,” FTX's new CEO said.
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