New FTX Chief John Ray Blasts Crypto Firm’s Previous Leadership

The person in charge of restructuring crypto giant FTX told lawmakers that the company’s spectacular collapse was due to failures by its previous leaders.

“The FTX Group’s collapse appears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals,” John J. Ray III said in remarks prepared for a hearing in the House Financial Services Committee on Tuesday.

To contact the reporter on this story:
Allyson Versprille in Washington at aversprille1@bloomberg.net

To contact the editor responsible for this story:
Ben Bain at bbain2@bloomberg.net

© 2022 Bloomberg L.P. All ...