I'm Dear Jrabosa, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m.

Eastern. Listen in. Good Tuesday morning. Welcome to Tech Check. I'm Carl Kintania with John Fortin.

Dear Jorbosa. You have been listening to House Financial Services today on the collapse of FTX as new CEO John Ray takes the hot seat.

Notably absent, of course, is the man of the hour.

Sam Bankman-Fried originally scheduled to take that stand, but was arrested in the Bahamas last

night after U.S. prosecutors filed criminal charges against him. Unsealed this morning,

those charges include defrauding investors and customers and what the SEC calls, quote,

a house of cards on a foundation of deception while telling investors

that it was one of the safest buildings in crypto. Kate Rooney's been tracking the latest

developments on Bankman Freed and will pop on as they happen this hour. But let's begin with our

Elon Moy, who's got highlights on what you might have missed from the hearing in the past hour.

Elon? Well, Carl, this has really been a nuts and bolts hearing so far with lawmakers trying to

understand and untangle FTX's complicated business dealings and the links between its more than

100 different divisions.

We heard from current FTX CEO John Ray say that there were virtually no internal controls

or separation whatsoever between these businesses.

He said SBF, Sam Bankman-F, owned about 90% of Alameda, and that top executives had free

rain across the companies.

The operation of Alameda really depended based on the way it was operated for the use of customer funds.

That's the major breakdown here.

Funds from FtX.com, which was the exchange for non-U.S. citizens, those funds were used at LMA to make investments and other disbursements.

You also saw the foreshadowing of a regulatory fight to come with the chairwoman of the committee, Maxine Waters,

...