Bloomberg Law
Dec. 12, 2022, 6:46 PM

New FTX Chief John Ray Blasts Crypto Firm’s Previous Leadership

Allyson Versprille
Allyson Versprille
Bloomberg News

The person in charge of restructuring crypto giant FTX told lawmakers that the company’s spectacular collapse was due to failures by its previous leaders.

“The FTX Group’s collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals,” John J. Ray III said in remarks prepared for a hearing in the House Financial Services Committee on Tuesday.

To contact the reporter on this story:
Allyson Versprille in Washington at

To contact the editor responsible for this story:
Ben Bain at

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