New FTX CEO testifies on crypto company's collapse before the House Financial Services Committee

Current FTX CEO John Ray testifies on the collapse of the cryptocurrency company before the House Financial Services Committee. Mr. Ray became CEO after the company filed for bankruptcy.

FTX CEO, John Ray: "The FTX Group's collapse appears to stem from the absolute concentration of control in the hands of a small group of grossly inexperienced and unsophisticated individuals, who failed to implement virtually any of the systems or controls that are necessary for a company entrusted with other people's money or assets."