FTX CEO Testifies Collapse Was 'Plain Old Embezzlement'

The video discusses the collapse of FTX, a major cryptocurrency exchange, due to poor management and lack of experience. John Ray, the current CEO, highlights the absence of proper corporate structure and documentation. The relationship between FTX and Alameda Research led to misuse of customer funds. Investigations are ongoing, and Sam Bankman-Fried's arrest is seen as a positive step. Political implications arise from Bankman-Fried's donations, and discussions on cryptocurrency regulation are ongoing.

What steps did Ray mention regarding the investigation of the FTX collapse?

What recommendations did Ray provide for regulation in the cryptocurrency industry?