Share this article
New FTX CEO Testimony ‘False,’ Bankman-Fried Says
The crypto exchange’s founder said documentation existed, despite John Ray bemoaning poor record-keeping.
Updated Dec 6, 2022, 2:18 p.m. Published Dec 5, 2022, 5:09 p.m.
Testimony from the new FTX chief executive John J Ray III is “false,” founder of the now-defunct crypto exchange Sam Bankman-Fried said in an interview with The Block.
In a bankruptcy deposition made Nov. 17, restructuring specialist Ray berated poor record-keeping and untrustworthy financial information at FTX, which had filed for Chapter 11 bankruptcy in Delaware on Nov. 11.
STORY CONTINUES BELOW
In an interview released Monday, Bankman-Fried referred to “statements that have been made, that have been put on legal record that I knew to be false.”
“There have been cases where it's been said XYZ did not exist, and I am staring at a copy of XYZ, ” Bankman-Fried added. Bankman-Fried has also previously said that he has had only “limited access to data” since stepping down as CEO.
Bankman-Fried said that the falsehoods could amount to lying or honest mistakes and that Ray and his team hadn't responded to Bankman-Fried’s emails on the issue.
“I think it's pretty hard, if you try and take over a company and refuse to talk with anyone who was involved in running that company, to, in a short period of time, know where any of the relevant data would be,” including company books and documented policies, Bankman-Fried said.
The comment came in response to a question about the new CEO’s comments on poor financial controls.
“I would dispute the claim that there were zero financial controls,” Bankman-Fried said. “I completely agree that there were places in which there were very poor controls and that those places were critical and that that was really bad.”
In his earlier deposition, Ray said he had never in his 40-year career seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information” as he saw when he took over at FTX.
Ray said the company didn't have appropriate books, records or security controls for its digital assets, or even a full list of staff on its payroll.
Trading arm Alameda Research and related businesses didn’t keep complete records of their investments, Ray said, adding that the court shouldn't rely on audited financial statements that he said he had “substantial concerns" about.
Read more: New FTX Boss Condemns Management of the Crypto Exchange During Sam Bankman-Fried's Tenure
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Iran accepts cryptocurrency as payment for advanced weapons
Prospective customers could purchase weapons such as missiles, tanks and drones using crypto, according to a government website.
What to know:
- Iran's Ministry of Defence Export Center is accepting cryptocurrency payments for advanced weapons systems as a means of bypassing international sanctions that the country faces.
- The offer is among the first known instances of a country accepting cryptocurrency as a means of payment for military equipment, according to the Financial Times.
- The facility for using cryptocurrency to pay for transactions involving sanctioned countries is already well established.
Top Stories
