Recently appointed chief exec of crypto exchange FTX, John J. Ray III, provided new insight into the firm’s collapse in prepared testimony on Tuesday.

At a US House Financial Services hearing on the subject, Ray explained that the firm seems to have failed due to “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.”

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