According to ChainCatcher, FTX's new CEO John Ray III is scheduled to testify before the U.S. House of Representatives Financial Services Committee on Tuesday (December 13, local time). In his testimony released in advance, Ray once again condemned the lack of experience of FTX's previous leadership, saying that he had "never seen such a failure in record keeping and asset management" and that "a large portion" of FTX's assets were still "lost, stolen or difficult to obtain." In the absence of any system to track assets, the current team is "working hard to obtain evidence."
Ray provided some explanation for the first time as to why FTX US filed for bankruptcy along with the rest of the company: "Some have questioned why all FTX Group companies were included in the Chapter 11 filing, especially FTX US. This is because FTX US is not operated independently from FTX.com." But SBF claimed in an interview last week that FTX US is solvent and can continue to process user withdrawals. (CoinDesk)
