New FTX CEO John Ray: Commingling Client Funds Not an Accident

FTX Group CEO, John Ray, testifies before the House Financial Services Committee on "Investigating the Collapse of FTX, Part I" at the U.S. Capitol in Washington, on Dec. 13, 2022. Olivier Douiery/AFP via Getty Images

New FTX CEO John Ray testified before the U.S. House Financial Services Committee on Tuesday. This is the first hearing in the committee’s public investigation into the collapse of the crypto exchange.

During the hearing, Ray told the committee that usage of FTX customer funds by Alameda was intentional, not an accident. He also criticized FTX for poor record keeping, claiming that the company used QuickBooks for bookkeeping.