New FTX CEO says lax oversight, bad decisions caused failure

Published December 13, 2022 9:05 AM

By GLENN GAMBOA
AP Business Writer

WASHINGTON (AP) — The new CEO of FTX says the founder of the failed cryptocurrency exchange helped 1,500 Bahamian investors remove $100 million from their accounts while other customers around the world were locked out of the exchange. John Ray III called FTX’s collapse one of the worst business failures he has seen _ even worse than Enron, which he helped restructure two decades ago. Notably absent from the hearing before the House Financial Services Committee was FTX’s founder and former CEO Sam Bankman-Fried, who was arrested in the Bahamas just hours before he was scheduled to testify and now faces criminal and civil charges in the U.S.

Article Topic Follows: AP National Business

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