John J. Ray III, FTX’s new chief executive, said in testimony prepared for Tuesday’s hearing that #FTX’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.”
https://www.wsj.com/articles/ftx-founder-samuel-bankman-fried-arrested-in-bahamas-11670890250