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FTX CEO: FTX Lied to Banks for Years About Commingling Funds
Summary: FTX's newly appointed CEO, John J. Ray III, revealed in a recent court filing that former management of FTX had lied to banks about the suspicious flow of customer cash as early as 2020. Despite FTX Group claiming to be a pioneer in customer protection efforts in the cryptocurrency industry, reports indicate that it deliberately commingled ...
FTX's newly appointed CEO, John J. Ray III, revealed in a recent court filing that former management of FTX had lied to banks about the suspicious flow of customer cash as early as 2020. Despite FTX Group claiming to be a pioneer in customer protection efforts in the cryptocurrency industry, reports indicate that it deliberately commingled customer and company funds so it could purchase luxury properties and engage in speculative trading with its sister company, Alameda Research. The release of this report has prompted doubts about the FTX Group's management and has significantly tarnished its reputation.
Author: Katie Lin
Tags: FTX,FTX Group,John J. Ray III
Link: FTX CEO: FTX Lied to Banks for Years About Commingling Funds [Copy]
