FTX CEO John Ray III Dec. 13 testimony to the U.S. Congress revealed that the bankrupt exchange commingled assets and stored wallets’ private keys without encryption.

According to Ray, FTX’s collapse was caused by the failure of corporate controls — the worst he has seen in his over 40 years of handling bankruptcy cases. He noted that FTX’s operation was concentrated in the hands of a “very small group of grossly inexperienced and unsophisticated individuals” who failed to implement the form of control necessary for a company holding other people’s money.

(By Oluwapelumi Adejumo)

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