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part one I now recognize myself for five minutes to give an opening statement first Id like to welcome Mr John Ray III who has been appointed CEO of FTX to oversee its bankruptcy to testify before our committee by the first part of our investigation into the fall of FTX I am hopeful that the arrests of Mr banklin freed the founder and former CEO of FTX means he will be held accountable for the fraud he has committed and the harm he has caused he was scheduled to testify under oath before this committee today unfortunately the timing of his arrest denies the public the opportunity to get the answers they deserve rest assured that this committee will not stop until we uncover the full truth behind the collapse of FTX just a few months ago FTX was one of the largest cryptocurrency exchanges in the world with the valuation of 32 billion dollars in just three years since its founding today FTX is bankrupt and possibly looted FTX misuse and and approximately 10 billion dollars in customer