He said FTX incurred losses ‘in excess of $7 billion’ during the hearing.
John J. Ray III, the new chief executive of FTX, testified in front of a House committee Tuesday on the collapse of the crypto exchange. His testimony came less than a day after the company founder, Sam Bankman-Fried, was arrested in the Bahamas. Photo: Al Drago/Bloomberg News
#WSJ #FTX
38 Comments
Quickbooks
Hi first Christmas in jail and meny more to come for life.
How ironic that Rep. Waters is leading this hearing.
The chair woman and ranking member mchenry are REALLY weak in their questions.
Maxine be like: we need to get to the bottom of where all the money went… you know, by using the funds SBF donated to my political campaign… you know, which were stolen from you… so we can… you know… find out where it went.
Bitcoin lost what, a trillion in market cap
The Hearings is nothing but a Circus.
I vote Independent, but lean democratic. Get Senator Waters off this committee. Her first 30 seconds is her reading off a teleprompt with no idea what she is asking. Brings shame to the party as puppet. There are democrat and republicans that speak with more passion and understanding of the committee they are a part of.
The biggest selling point of crypto was that it can't be controlled by the governments. Now every Ftx investor hopes the government will do something to help them recover their money. Seems we still need regulation everywhere.
Congress is the mouth piece for their high dollar constituents who lost money . The Assets died and went to money heaven .
I am not sure how bankruptcy is managed by legal firms is to the benefit of customers and investors. In the Enron case the law firm got paid 700m. With crypto at low levels just selling of digital assets and investments is maybe not beneficial too. Customers should have the option to take crypto assets over fiat or maybe a share in a fund that keeps assets and sells them when markets are more favorable.
Maxine Waters needed to recuse herself from this hearing.
Good that FTX ended up like this and now we can run with Amazons AMMP22X which actually makes a difference for people. And the best part is they are very aware of the risks and they won't risk the entire brand just because of a digital currency so they play it slow but smart.
Who is into AMMP22X? After the FTX and Terra stuff we get finally something good. Amazons move is well structured and they have a good project at hand
The exciting part is that finally Sam got arrested and now we have the release of the first powerful REAL VALUE project which is Amazons AMMP22X
SBF was always shady I don't know why it took so long to realize that he is a fraud. Nothing like this will happen with the power of Amazons AMMP22X
I was afraid they would do nothing on SBF good that this is finally rolling. Hope his head rolls, too. Amazons AMMP22X can't cover for all of it
Just in: Amazons AMMP22X will help FTX damaged investors to find back to growth and glory, it's the hero we need, not the one we wanted though
So with AMMP22X recovering some of the FTX damage I think this is far from done. Let's see how the play goes guys
Everyone hearing about this AMMP22X everywhere? Because FTX and Sam are done for good this is now officially happening and it's the strongest release we had in 5 years or even in total
This is just pure criminal behaviour and should result in long prison sentences
Kanye be like told ya
As usual, congress focused on tree and missed the Forest. They focused on lack of book keeping (QuickBooks note), except as a Private firm, FTX is not expected to have same of Record Keeping as NYSE. The key is that SBF (+others) tookout Loans from Alamedia and FTX (SBF alone took out $3.3B ). So while technically FTX was not directly moving Customer $ to Alameda and SBF, FTX was using Customer $ as Collateral, for loans and then forward $ to Alameda and SBF (to make him look like a Billionaire, I guess). A ponzi scheme is still a ponzi scheme if you redirect the "skim" a few times. That's the Fraud here.
What's with this ammp22x bot comments
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BANKMAN-FRIED the law professor fam!!!
Maxine Waters overseeing a hearing that She “Capitalized” from?….
So all these supposedly intelligent investors couldn't smell a scam. ..no one learned anything from the Bernie Madoff fiasco????? Crypto assets is a bunch of B S. .
Didn’t SBF donate a ton of money to Maxine waters?
Where's Caroline? She needs to be arrested.
I think that there is definitely a need to check into all the political support on the mid term election, be it Dems or GOP. From my rough calculations, there's more than 200M donated by family and friends of SBF combined to the Dems midterm election, as well as "Dark" money to some GOP candidates. Allegations like these, is a huge blow to the democratic system as we know it.
Maxine is like pencils in the ears and eyes
Now ask why Sam didn't get arrested until he was scheduled to testify to congress?
It's startling how little these people say while speaking so many words. It's a circus for the public.
Help me money 800 billion us dollars support money every months support money every years support money
<<The rich stays rich by spending like the poor and investing without stopping then the poor stays poor by spending like the rich yet not investiing like the rich