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without objection your written statement will be made part of the record you will have five minutes to present your oral testimony you should be able to see a timer that will indicate how much time you have left I would ask you to be mindful of the timer so that we can be respectful of everyones time Mr Ray you are now recognized for five minutes to present your oral testimony sure women Waters ranking member of McHenry distinguished members of the committee thank you for your invitation to appear today I truly appreciate your interest in this matter and I hope my testimony can be helpful to you as the committee continues its inquiry into the collapse of FDX and the efforts that are underway to help those whove been harmed I accepted the position of Chief Executive Officer of FTX in the early morning hours of November 11. immediately became clear to me that chapter 11 was the best course available to preserve any remaining value of FTX therefore my first act as CEO is to authorize th