Tausi Insider

New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday. In the highest-profile crypto blow-up to date, FTX filed for protection in the United States on Friday after traders pulled $6-billion from the platform in three days and rival exchange Binance abandoned a rescue deal. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” Ray said in the filing, which was lodged with the District of Delaware bankruptcy court. “From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented,” Ray added in the filing. Bankruptcy specialist Ray, who took over from Bankman-Frie...

When Valve released Portal in 2007, it was a revelation. Critics and gamers alike praised the first-person shooter/puzzler for its inventive gameplay, the deadpan wit of GLaDOS ( the artificial intelligence that antagonizes you throughout your mission), and its unique approach to storytelling . But 2007 was a long time ago, and while the gameplay certainly holds up after 15 years , the visuals...not so much. That’s why it’s such good news that the game is getting a   graphical overhaul—and if you bought Portal in the past, you can update the game for free. Portal with RTX is a 2022 reimagining of Portal’s original graphics . It uses the NVIDIA RTX Remix tool, building upon similar upgrades to Quake II and Minecraft . NVIDIA RTX Remix revamps Portal with ray tracing, a computationally-intensive graphics technique in which the game sends light rays out into the 3D environment, and measures how those rays bounce off of objects towards light sources. Ray tracing produces detail...

FTX CEO John Ray speaks during a U.S. Hose committee hearing in Washington, on Dec. 13. ELIZABETH FRANTZ/Reuters Poor management practices and inexperienced leaders led to FTX’s implosion, the crypto exchange’s new chief executive told lawmakers on Tuesday, shortly after U.S. regulators charged founder Sam Bankman-Fried with defrauding investors. “The FTX group’s collapse appears to stem from absolute concentration of control in the hands of a small group of grossly inexperienced, non-sophisticated individuals,” said John Ray, who was named CEO of FTX after Bankman-Fried stepped down and the company filed for bankruptcy on Nov. 11. Ray also said there was virtually no distinction between the operations of FTX and Alameda Research, Bankman-Fried’s crypto trading firm, which maintained close ties with his exchange. “I’ve just never seen an utter lack of record keeping – absolutely no internal controls whatsoever,” Ray told the U.S. House of Representatives Financial Services Committee....

FTX Group CEO John Ray speaks during a U.S. House committee hearing, in Washington, on Dec. 13, 2022. SARAH SILBIGER/Reuters Bankrupt crypto exchange FTX is looking into the possibility of reviving its business, Chief Executive Officer John Ray told the Wall Street Journal on Thursday. Ray, who took over the reins in November, has set up a task force to explore restarting FTX.com , the company’s main international exchange, he said in an interview with the WSJ. The CEO also told the Journal that he would look into whether reviving FTX’s international exchange would recover more value for the company’s customers than his team could get from simply liquidating assets or selling the platform. FTX’s native token FTT surged nearly 30 per cent after the report. “I’m glad Mr. Ray is finally paying lip service to turning the exchange back on after months of squashing such efforts!” FTX founder and former CEO Sam Bankman-Fried said in a tweet. “I’m still waiting for him to finally admit FTX U...

FTX CEO John Ray speaks during a U.S. Hose committee hearing in Washington, on Dec. 13. ELIZABETH FRANTZ/Reuters Poor management practices and inexperienced leaders led to FTX’s implosion, the crypto exchange’s new chief executive told lawmakers on Tuesday, shortly after U.S. regulators charged founder Sam Bankman-Fried with defrauding investors. “The FTX group’s collapse appears to stem from absolute concentration of control in the hands of a small group of grossly inexperienced, non-sophisticated individuals,” said John Ray, who was named CEO of FTX after Bankman-Fried stepped down and the company filed for bankruptcy on Nov. 11. Ray also said there was virtually no distinction between the operations of FTX and Alameda Research, Bankman-Fried’s crypto trading firm, which maintained close ties with his exchange. “I’ve just never seen an utter lack of record keeping – absolutely no internal controls whatsoever,” Ray told the U.S. House of Representatives Financial Services Committee....