FTX was ‘old-fashioned embezzlement,’ new CEO testifies before U.S. Congress

New FTX chief executive officer John J. Ray testified before U.S. Congress on Tuesday, following the collapse of the crypto exchange program last month. Ray, who previously served as the chief executive of Enron following its bankruptcy, said that Enron involved “highly orchestrated financial machinations by highly sophisticated people,” whereas FTX was “old-fashioned embezzlement.” Ray likened FTX as “just taking money from customers and using it for your own purpose.”