while this is a first public announcement, it will not be our last. whoa, baby. the fcc and the cftc have also filed civil charges against bankman-fried. this was the very same day a house committee held a hearing on the ftx bankruptcy. bankman-fried was supposed to testify before his arrest took place. and according to the wall street journal, he intended to start by saying, under oath, quote, i effed up, which is neither professional nor cute. instead, lawmakers heard from the new ftx court appointed ceo bankruptcy expert john ray. the ftx groups collapse appears to stem from absolute concentration of control in the hands of a small group of grossly inexperienced, not sophisticated individuals. there s no record keeping whatsoever. it s the absence of record keeping. employees would communicate invoicing and expense expenses on slack which is, essentially, a way of communicating for chat rooms. they used quickbooks a multibillion dollar companies in quickbooks. quick books?
The company tasked with locking down the assets of the failed cryptocurrency exchange FTX says it has managed to recover and secure USD740 million in assets so far, a fraction of the potentially billions of dollars likely missing from the company s coffers.