Newly appointed FTX CEO John Ray could barely disguise his disbelief as he listed all the failures at the now-bankrupt crypto exchange before Congress on Tuesday—among them, the use of QuickBooks to manage the finances of the multibillion-dollar company.

Ray took the stand in front of the House Financial Services Committee as FTX’s founder and former CEO, Sam Bankman-Fried, arrived at court in the Bahamas on charges of wire fraud, conspiracy to defraud the United States, and more.

“I’ve done probably a dozen large-scale bankruptcies over my career, including Enron,” said Ray, who took over the company shortly after it filed for bankruptcy last month. “The FTX group is unusual.”

Ray expressed astonishment that there was “no record-keeping whatsoever” at the business. Employees passed along invoices and expenses via Slack as opposed to a formal process, he said, and used QuickBooks to manage its finances. There was also no independent board to serve as a watchdog, he said.

Asked whether he trusted the company’s audited financial statements, Ray added: “We’ve lost $8 billion dollars of customer money, so by definition I don’t trust a single piece of paper in this organization.”

Sam Bankman-Fried Wire Fraud, Money Laundering Charges Unsealed

Ray also claimed that Bankman-Fried, the 30-year-old former crypto wunderkind, took multiple personal loans from his trading firm, Alameda Research. Bankman-Fried told regulators he re-invested the money back into the exchange, but Ray said there is no documentation of what the loans were for or how they were used.

In at least one case, Ray said, Bankman-Fried signed the loan as both the issuer and recipient.

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