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With Founder Facing Charges, New CEO Says FTX Embezzled Customer Cash

Sam Bankman-Fried is now a criminal defendant, and CEO John Ray III told lawmakers FTX embezzled customer funds "right in front of their eyes."

FTX CEO John Ray III testifies in the U.S. House Financial Services Committee about the company's collapse. (U.S. House Financial Services Committee)
FTX CEO John Ray III testifies in the U.S. House Financial Services Committee about the company's collapse. (U.S. House Financial Services Committee)