FTX Chief Executive John J. Ray III told Congress he believes Sam Bankman-Fried sought to undermine the company’s bankruptcy when he helped Bahamian authorities withdraw $100 million in cryptocurrency from the platform as the exchange spiraled toward collapse.
Mr. Ray criticized Bahamian authorities during a U.S. House Committee on Financial Services hearing Tuesday on FTX’s failure and his efforts to recover customers’ funds. His testimony intensified a dispute between FTX’s new U.S. management and regulators and liquidators in the Bahamas over control of FTX systems and an unknown amount of cryptocurrency assets.
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