USA: SEC, CFTC and DoJ launch investigation into FTX's collapse
FTX goes bankrupt, owes nearly $3.1 billion to top creditors
The US authorities are moving forward to probe the collapse of now-bankrupt cryptocurrency exchange FTX.
Securities and Exchange Commission, Commodity Futures Trading Commission and the Justice Department have joined forces to investigate what led to the abject failure of a multi-billion dollar company.
WATCH | WION Business News | FTX's Sam Bankman-Fried questioned by Bahamas Police
Reportedly, the agencies will be majorly focusing on how the second-largest crypto exchange in the world mishandled the customers' money. According to reports, nearly $1 billion of customer funds have vanished from FTX, ever since the fall was first documented.
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FTX Chief Executive Sam Bankman-Fried will be on the radar as it was under his watch that the firm nosedived.
Apart from Sam, other high-ranking executives at the company will also be probed for any potential breaking of securities laws. However, the three agencies have declined to comment on the issue so far.
As reported by WION, FTX filed for bankruptcy last Friday after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through.
Read more: Visa severs ties with troubled cypto exchange FTX, calls situation 'unfortunate'
The fall of FTX has triggered panic across the sector with the big players now batting for regulations to win back the investors' confidence.
"We're in a new industry, we've seen in the past week, things go crazy in the industry. We do need some regulations, we do need to do this properly, we do need to do this in a stable way," said Binance Chief Executive Changpeng Zhao.
FTX was once valued at $32 billion. Its collapse bears striking similarities to the downfall of Lehman Brothers in 2008 which led to a wider financial crisis across the world.
Read more: 'We need regulations', says Binance CEO after rival exchange FTX goes under
(With inputs from agencies)
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