The Senate Banking Committee on Wednesday is holding a second day of hearings this week on the downfall of cryptocurrency exchange FTX, examining how the company’s implosion could impact the nascent industry.On Tuesday, FTX’s new CEO John J. Ray testified in front of the House Financial Services Committee where he accused former executives, including founder and former CEO Sam Bankman-Fried, of embezzling customer funds.related investing news “This is really just old fashioned embezzlement. This is just taking money from customers and using it for your own purpose. Not sophisticated at all,” Ray said in four hours of blistering testimony before the House Financial Services Committee. “Sophisticated, perhaps in the way they are hiding something, frankly, right in front of their eyes. This is just plain old embezzlement. Old school, old school.”U.S. prosecutors, securities and commodities regulators say Bankman-Fried used billions of dollars of FTX customer funds for his own personal use, to invest in other ventures, to donate to politicians and PACs, and to repay billions of dollars in loans owed by Alameda Research, the cryptocurrency hedge fund he also founded.”That’s the major breakdown, here. Funds from FTX.com, which was the exchange …
