FTX employees did invoicing and expenses over Slack and used QuickBooks, consumer-level tax software, to handle its accounting, the company's new CEO John Ray III said during Tuesday's House Financial Services Committee hearing.

"Nothing against QuickBooks. Very nice tool," Ray said. "It's not for a multibillion dollar company."

It's the type of critique that crystalizes what Ray has said was the root of the problem at FTX. In prepared testimony, Ray laid the collapse of the exchange at the feet of “a very small group of grossly inexperienced and unsophisticated individuals,” referring to FTX founder Sam Bankman-Fried and his inner circle.