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In the first part of the investigation into the fall of FTX, Mr. John Ray III, appointed CEO of FTX, was scheduled to testify before the committee. However, the founder and former CEO, Mr. Banklin Freed, was arrested before the hearing, denying the public answers. The committee is determined to uncover the truth behind the collapse of FTX, once valued at $32 billion but now bankrupt and suspected of misusing approximately $10 billion in customer funds.