FTX CEO John J. Ray III Testifies as Committee Grills for Answers

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The CEO of FTX, John J. Ray III, testifies to the US Property Committee on Financial Companies. He promises $1 billion truly worth of assets are secured. 

Immediately after the collapse of FTX, Tuesday was another working day loaded with jam-packed developments. The day which commenced with the Bahamian authorities arresting the disgraced founder, Sam Bankman-Fried, now concludes with the testimony of the existing FTX CEO, John J Ray III. The CEO testified with the US House Committee on Money Solutions.

$1 Billion Value of Belongings Secured, Promises the FTX CEO

John Ray III, who has in excess of 40 yrs of lawful and restructuring working experience, was assigned the place of FTX CEO to restructure the company. In his testimony with the Residence Committee, he claimed FTX had secured $1 Billion of assets so significantly underneath his leadership.

He stated that most creditors are from outdoors the US. Hence the course of action will get months and months. He repeatedly mentioned that there was an utter lack of recordkeeping. The FTX CEO more discovered that FTX applied “QuickBooks” for recordkeeping. It is accounting computer software for little to medium-sized companies, not intended for a multi-billion dollar corporation.

“You want documents, you need to have controls, and you want to different people’s funds. It’s uncomplicated,” claims the CEO of FTX.

In accordance to John Ray, there have been occasions when Sam Bankman-Fried signed his possess mortgage to himself. Even SBF’s household gained cash from FTX and Alameda.

FTX US is Not Solvent.

Earlier, on Dec 1. Sam Bankman-Fried tweeted that FTX US is solvent. There is also a point out in a leaked testimony of SBF that the FTX US can pay off all its consumers in complete tomorrow. John Ray talked about that Sam’s statements are inaccurate. 

Retail and Institutional Cash Fleeing Binance

Before the ecosystem heals from the FTX collapse, the dread of Binance’s collapse hovers all around. Andrew, a Twitter user, claims to know some significant challenges with Binance and urges people to withdraw their funds. He expects Binance stories to be unveiled by major media publications this 7 days. 

The Twitter consumer declared that about seven Binance executives experienced still left the organization in the earlier 60 days. More, he boldly said that approximately 40,000 Bitcoin and $2 billion truly worth of stablecoins exited Binance. What do you feel? Is it just yet another FUD, or are there some genuine difficulties with Binance?

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Disclaimer

BeInCrypto has reached out to enterprise or specific associated in the story to get an formal statement about the modern developments, but it has nonetheless to listen to back.

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