- “Although our investigation is ongoing and detailed findings will have to await its conclusion, 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 who failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people’s money or assets,” he told lawmakers.
- The former multibillionaire was previously held in Fox Hill Prison, the only government detention center in The Bahamas.
- Executives behind the defunct cryptocurrency empire may have lost as much as $8 billion in customer funds.
