John Ray III told lawmakers that there were no distinctions between FTX, Alameda Research and other entities which filed for bankruptcy protection last month. 

“The owners of the company could really run free rein across all four silos,” Ray said. Ray was the sole witness after Bankman-Fried, the former CEO who had also been scheduled as a witness after high-profile negotiations to secure his appearance, was arrested in the Bahamas last night. 

The new executive has described FTX’s financial situation as the worst mess he’s seen in his career. “It’s really unprecedented in terms of the lack of documentation,” said Ray, who called it a “paperless bankruptcy.”