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Watch The Look On Rep. Ann Wagner’s Face When She Finds Out That FTX Used QuickBooks

Republican Missouri Rep. Ann Wagner was visibly shocked Tuesday when she found out FTX was using QuickBooks to conduct their accounting business. [Twitter Screenshot Genevieve Roch-Decter]

Twitter/Screenshot/ U.S. House Committee on Financial Services via Genevieve Roch-Decter

Brianna Lyman News and Commentary Writer
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Republican Missouri Rep. Ann Wagner was visibly shocked Tuesday when she found out FTX was using QuickBooks to conduct their accounting business.

FTX Group Chief Executive Officer John J. Ray III testified before Congress Tuesday on the collapse of FTX. FTX is a now-defunct cryptocurrency exchange.

Ray was detailing FTX’s accounting practices and said they used QuickBooks. (RELATED: Bankman-Fried’s Multibillion-Dollar Fraud On FTX Began ‘From The Start’)

“They use QuickBooks, a multi billion dollar company using QuickBooks.”

“Quickbooks?” a shocked Wagner asked.

“Quickbooks. Nothing against QuickBooks, very nice tool, just not for a multi-million dollar company.”

“There was no sophistication whatsoever,” Ray said, according to Block Works. “There was an absence of any.”

Ray also testified that employees did not have formal record keeping and “would communicate invoicing and expenses on Slack which is essentially a way of communicating in chat rooms.”

Crypto billionaire Sam Bankman-Fried was arrested Monday night and charged Tuesday with eight counts of fraud. Prosecutors allege that between 2019 through roughly November 2022, Bankman-Fried “agreed with others to defraud customers of FTX.com by misappropriating those customers’ deposits and using those deposits to pay expenses and debts of Alameda Research, Bankman-Fried’s proprietary crypto hedge fund, and to make investments.”