Despite assurances from founder Sam Bankman-Fried, the distinctions between crypto exchange FTX US and its international sibling were no more than superficial, John Ray III, the replacement CEO steering the company through bankruptcy, told lawmakers on Tuesday.

Ray, who performed the same task when Enron fell into ruin two decades ago, said the dysfunction at FTX was longstanding. There was no independent board and no coherent record keeping, he said. “This is not something that happened overnight or within the course of a week,” he said, describing “absolutely no internal controls, whatsoever.”

“Employees would communicate invoicing and expenses on Slack," he said, referring to the communications app. And he said the team used the off-the-shelf accounting software QuickBooks. "Nothing against Quickbooks. It's a very nice tool – just not for a multibillion-dollar company.”