Current FTX CEO: FTX Executives Have 'Discretionary' Exchange Funds, Accounting Only Through Quickbooks

According to The Block, FTX’s current CEO, John Ray III, said in a hearing of the House Financial Services Committee that FTX’s top management has “free reign” over many of the company’s entities. Ray also said that FTX, which is worth billions of dollars, is only accounted for through Quickbooks, a small business bookkeeping software. The FTX case is old-fashioned embezzlement. After FTX filed for Chapter 11 bankruptcy, some assets were transferred from the company, which may have violated U.S. bankruptcy law. Previously, SBF and FTX co-founder Gary Wang minted approximately $300 million in new FTT tokens and transferred assets worth hundreds of millions of dollars, including those newly minted FTT tokens, into Bahamas custodian bankruptcy proceedings.