FTX founder Sam Bankman-Fried (SBF) once touted his platform's transparency and risk management at a U.S. congressional hearing in December 2021. He claimed FTX operated a 24/7 risk engine, avoiding the overnight and holiday risks typical in traditional finance. SBF emphasized that FTX offered open and free market data with clear risk parameters, contrasting it with the opaque practices that led to the 2008 financial crisis. However, following FTX's dramatic collapse, these assertions of innovation and transparency have come under intense scrutiny. The platform's downfall has cast doubt on SBF's previous claims, highlighting a stark contrast between his assurances and the reality of FTX's operational failures.