🧵FTX CEO John Ray's prepared statement for tomorrow's hearing:
1) Customer assets from FTX were commingled with assets from the Alameda trading platform.
2) Alameda used client funds to engage in margin trading which exposed customer funds to massive losses.
1) Customer assets from FTX were commingled with assets from the Alameda trading platform.
2) Alameda used client funds to engage in margin trading which exposed customer funds to massive losses.
3) The FTX Group went on a spending binge in late 2021 through 2022, during which approximately $5 billion was spent buying a myriad of businesses and investments, many of which may be worth only a fraction of what was paid for them.
4) Loans and other payments were made to insiders in excess of $1 billion.
5) FTX stored certain private keys to crypto assets without effective security controls
6) FTX used computer infrastrucure that gave senior management access to systems that stored customer assets
5) FTX stored certain private keys to crypto assets without effective security controls
6) FTX used computer infrastrucure that gave senior management access to systems that stored customer assets
Full statement from FTX's new CEO handling the bankruptcy: financialservices.house.gov/uploadedfiles/…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
