According to FTX's new CEO, independent probe would be waste of money in bankruptcy court
(MENAFN) Authorizing an outside probe into the collapse of the cryptocurrency exchange would be "dangerous," according to FTX's new CEO, who spoke at a bankruptcy court on Monday.
John Ray declared that he had no use for earlier court-mandated inquiries into other businesses he had guided through bankruptcy.
At a hearing before U.S. Bankruptcy Judge John Dorsey in Delaware, Ray stated, "Neither in Enron nor in Residential Capital did I make use of the study." They nearly read like a carefully selected collection of comments that avoided expressing genuine thoughts on what happened.
Ray stated that the Residential Capital inquiry cost $100 million and the Enron investigation cost $90 million, both of which were unsuccessful. Ray gave his evidence as the judge was debating whether to appoint an examiner in the FTX collapse as the Justice Department had asked.
Ray testified in court, saying, "This is just too unstable an atmosphere for me to accept yet another place at the table." "We've come too far for that to happen," she said.
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