The new CEO of FTX, John Ray III, told a congressional committee on Tuesday that there was nothing sophisticated about what Bankman-Fried was up to.
FTX founder Sam Bankman-Fried agrees to extradition to US, attorney says
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Mr. Ray said FTX went on a $5 billion “spending binge” in 2020 and 2021 and purchased assets for far more than they were worth.
New FTX chief tells lawmakers that embezzlement, bad management caused epic crypto collapse
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