According to Foresight News, FTX’s new CEO and Chief Restructuring Officer John J. Ray III’s hearing testimony speech shows that a “substantial portion” of FTX’s assets are still “lost, misappropriated, or unobtainable.” In addition, he stated that FTX US is not Operating independently of FTX, FTX lacks security controls that allow Alameda to borrow funds from FTX "without any effective restrictions", while asset mixing and lack of "reliable financial statements" and independent governance are only some of the problems he identified. He also confirmed that FTX spent about $5 billion on various investments and acquisitions, with another $1 billion going to insiders as loans and other payments, especially as these acquisitions and investments may no longer have their original value.