![the-utter-failure-of-corporate-controls-at-ftx-ceo-john-ray-iii-testifies-before-us-congress FTX stock exchange bankrupt - the collapse of the crypto exchange. FTT Token symbol cryptocurrency logo with text. Coin icon isolated. Vector illustration. Liquidation of the world organization — Vector](https://coingeek.com/wp-content/uploads/2022/12/the-utter-failure-of-corporate-controls-at-ftx-ceo-john-ray-iii-testifies-before-us-congress-380x188.jpg)
The utter failure of corporate controls at FTX: CEO John Ray III testifies before US Congress
CEO John J. Ray III tells lawmakers that what separates FTX's bankruptcy from other exchanges that went insolvent is that the former lacked record-keeping, making it seem like its crimes were “not sophisticated at all.”