News outlets are reporting that FTX and its affiliated companies were using QuickBooks for their method of accounting. Once a multi-billion-dollar, the disclosure of their use of QuickBooks was revealed at a congressional hearing.

At the hearing, the company’s new CEO, John Ray, testified about the use of QuickBooks as the accounting software used.

“Quickbooks?” an astonished Representative Ann Wagner (R-Missouri) asked in response to Ray’s revelation. 

The exchange quickly spread on Twitter.

Sam Bankman-Fried founded FTX after he created Alameda Research. FTX was a cryptocurrency business, now under intense investigation as the search intensifies for billions of missing dollars. The companies collapsed last month. Bankman-Friedhas been arrested and awaits a court appearance in jail.

Ray called the actions of the FTX founder “old-fashioned embezzlement.”