December 14, 2022 - FTX's new CEO John Ray III sited a series of unprecedented compliance failures at a December Senate Banking Committee hearing on the collapse of the exchange, including account commingling as well as a lack of accurate lists of employees, independent contractors and customer bank accounts. "Even in the most failed companies, you have a fair roadmap of what happened.," said Ray. "We're dealing with literally a paperless bankruptcy in terms of how they created this company, making it very difficult to trace and track assets." For more detail, view the transcript here.
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