In front of the house financial committee, the new CEO of FTX did not hold back on the company’s recent scandal. Calling it what it truly was.
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Let’s take this moment to thank the new FTX CEO for keeping it simple with the public and calling FTXs’ scandal what it was, pure money embezzlement. Enough said. This was not a misplacement of funds, this was a conscious move to launder people’s money.
Breitbart Reports, John Ray, the New CEO of FTX, testified Tuesday that the financial scandal at the crypto-exchange company is “plain old embezzlement.”
After the company filed for bankruptcy last month, Ray took over as CEO. He testified before the House Financial Services Committee on Tuesday. Representative Roger Williams (R-TX) asked Ray to compare Enron, an infamous energy company that was restructured by Ray.
Here was what the new CEO’s of FTX had to say about it and other companies he has overseen.
Shock waves reverberated across the world on Monday after the news broke that Sam Bankman-Fried, the founder of FTX, had been arrested in the Bahamas on numerous charges. Accusations primarily revolve around claims of conspiracy to commit wire fraud and money laundering, as well as violations of campaign finance and securities laws. In spite of his inability to testify, numerous sources around the globe have published his pre-prepared statement. It remains to be seen what transpires from here, but it will certainly be a case to keep an eye on.
According to a copy of the document obtained by the Wall Street Journal he stated, “I would like to start by formally stating, under oath: I fucked up,” began the disgraced FTX founder.
Due to all the scandals in the crypto world, customers weren’t the only ones who lost their lives saving. Most FTX employees used the exchange as a bank and will never see their money. Still despite all that, the founder still thought the company was salvageable.
The Guardian reported late November that the founder of the failed crypto exchange FTX apologized to former employees and insisted its downfall was caused primarily by the misplacement of $8bn
Bankman-Fried wrote in a letter first published by industry news site CoinDesk: “I apologize deeply for my oversight failure. “In retrospect, I wish that we had done many many things differently … I’m going to do what I can to make it up to you guys – and to the customers – even if that takes the rest of my life.”
Even though Bankman-Fried admitted he made a mistake, he said the company was salvageable and that if he hadn’t filed for bankruptcy in mid-November, it could have been saved.
Sure! After a scandal like that, one would have to be crazy to ever trust a man like that with their money. Especially when he hasn’t admitted to laundering their money.
The blatant disrespect the government has been demonstrating towards the American people is appalling. We have seen it time and time again as giant corporations try to pull tricks over on the public and expect no one to notice. FTX’s recent activity really pushed this issue to a boiling point. They took money from customers, only to turn around and seek deals from their dubious associates in an attempt at laundering it all away. The fact that these same people may even be present in the hearing currently taking place demonstrates how far those in power will go to break the law without consequence. This behavior cannot stand and we demand justice! If Sam Bankman-Freid is going down for his actions, many more need to go with him, as it is clear this is not simply one person making a mistake but likely part of a much larger problem among those with authority and influence. The citizens of this country are fed up with this attitude and will not sit silently while our leaders use us as pawns; enough is enough!
Let’s continue this conversation, in the comments below.