As SBF_FTX faced charges Tuesday morning, the bankruptcy specialist handling FTX_Official told lawmakers the company had “absolutely no internal controls” and accounting was done on consumer software QuickBooks. jesseahamilton reports.
was responsible for gathering billions of dollars from customers and investors.
“This is not something that happened overnight or within the course of a week,” he said, describing “absolutely no internal controls, whatsoever.” Committee Chairwoman Maxine Waters exhibited frustration against the law enforcement authorities’ timing, which robbed her of a chance to question Bankman-Fried at the hearing. He’d planned to testify remotely from his island home, until news emerged late Monday that local authorities had taken him into custody to face U.S. charges of conspiracy and fraud revealed early Tuesday.
With testimony from Ray, the formal actions from regulators detailing wrongdoing inside FTX’s “house of cards” and the U.S. criminal case, Tuesday marks the first full view into what happened inside of FTX, without the filter of its fallen leader, Bankman-Fried.
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