Cryptocurrency exchange Ftx Founder BankMan Fried charged with malpractices in testimony

Cryptocurrency exchange Ftx Founder BankMan Fried charged with malpractices in testimony

Cryptocurrency latest updates : After the arrest of FTX FOUNDER BankMan Fried in bahamas ,he has been charged with “Unacceptable Management practices ” in the congressional testimony.

FTX CEO John Ray informed the lawsuit filers and law makers about the Ftx had issues in handling the management issues including the assets records,internal controls and many more bookkeeping records said ,”US house Financial Services Committee.

After the grat fall of FTX cryptocurrency exchange last month,the exchange filed for US Bankruptcy Protection the same time with the founder Sam Bankamn fried steps down from the CEO position .Lately in the hearing done on Tuesday ,he appeared in the hearing through Remote mode .

Experienced Ceo John Ray siad very clearly in his remarks that He has never seen a devastated failure of management and corporate controls in every step of the organisation.He also added that FTX collapse was seem to have given the result of having inadequate inexperienced individuals whichlead to permanent failure of the organisation.


Crypto whales and traders withdraw $6 billion dollar from the FTX EXCAHNGE within 3 days and FTX was trying to raise money to avoid deep collapse of the platfrom.

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US authorities were desperately looking for the Bankman fried crime ,however with the intense investigation ,they couldn’t able to brought information which replicate bankman fried as criminal.He has not been charged with any crime .

John Ray and Bankman fried both have appeared publicly on TRuesday for the very first time in front of the US lawmakers.

New steps taken in FTX exchange lately :

  • New CEO has been appointed
  • New Chief Financial Officer
  • Head of Human Resources and adminstration
  • board of directors
  • Former US attorney Joseph Farnan on board
  • Customer funds have been taken care of with Alameda research.
  • No usage of users funds in Margin trading

FTX CEO added that steps are needed to protect the organisation and its assets which are been now taken smoothly .


After the filing of Bankruptcy in FTX US ,john ray has made clear many doubts and issues between the investors and the companies associated with it .