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- FTX's new CEO berated the crypto exchange's security in court testimony reported by Coindesk.
- John J. Ray III said an FTX exec could have downloaded $500m of crypto and walked away, per Coindesk.
- Ray also described his first 48 hours in charge of FTX as "pure hell."
FTX's weak security meant its cofounders — who have both been charged with fraud — could easily have stolen hundreds of millions of dollars' worth of crypto, the bankrupt firm's new CEO said in court testimony reported by Coindesk.