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Bankman-Fried, Alameda execs set to testify on FTX collapse

November 16, 2022 By Nupur Leave a Comment

Sam Bankman-Fried and a number of other different executives shall be requested to testify at an upcoming Home Monetary Providers Committee listening to on the collapse of the FTX cryptocurrency alternate.

The alternate’s implosion has contributed to its native FTX token dumping by greater than 90% prior to now two weeks.

HAS CNBC report on Wednesday notes that Home lawmakers wish to see the FTX founder at Capitol Hill to present an account of what occurred on the now bankrupt crypto alternate.

Alameda and Binance execs to additionally testify

Other than SBF, lawmakers are additionally seeking to have executives from Alameda Analysis and Binance amongst others testifying, the report added.

The bipartisan listening to, being put collectively by HFSC’s Chairwoman Maxime Waters (D-CA) and rating Republican Rep. Patrick McHenry (R-NC), shall be held in December.

Waters stated in an announcement that FTX’s collapse had “posed great hurt”, with over a million folks affected. Many of those customers, the US lawmaker famous, are simply on a regular basis folks whose hard-earned financial savings have disappeared.

Based on her, the autumn of the FTX cryptocurrency alternate is sadly simply one in every of many crypto platforms to implode in 2022. As CoinJournal reported earlier immediately, there’s extra to return out of this FTX disaster.

In Might this yr, cryptocurrency Terra (LUNA) and its algorithmic stablecoin TerraUSD (UST) collapsed. Tens of millions of individuals misplaced cash as over $60 billion in market worth flushed down the drain inside days, whereas contagion hit a number of crypto corporations, together with Three Arrows Capital.

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The autumn of the Singapore-based crypto hedge fund then impacted a number of different corporations, notable amongst them crypto lenders Celsius and Voyager Digital that went bankrupt.

Final week, FTX filed for Chapter 11 – with about 130 associates included within the submitting.


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