The CEO of FTX, John Ray III, overseeing the company’s Chapter 11 bankruptcy restructuring, has criticized the company's use of Amazon Web Services (AWS) to store private crypto keys. In a court filing last Sunday, Ray criticized the company for the way it used hot wallets and kept private keys in AWS, saying it was a particularly poor way to manage risk.

The Securities Commission of The Bahamas (SCB) released a statement late on Jan. 2 seeking to correct “material misstatements” by John Ray III, who was appointed CEO of FTX following founder Sam Bankman-Fried’s resignation in November.

John Ray III, the new CEO of collapsed crypto exchange FTX, has revealed that the new leadership has managed to recover $1 billion worth of assets.

The United States House Committee on Financial Services heard the testimony of John Ray III, the man in charge of cleaning up the mess at the bankrupt crypto exchange FTX. As the new CEO and Chief Restructuring Officer, Ray has been going through the company’s records since 11 November. 

FTX CEO John Ray III is scheduled to testify before the House Financial Services Committee on Tuesday.