Financial Services Commission to investigate FTX collapse

Hello dear readers, as of today it was publicly announced that the U.S. Congress announced that it will investigate the collapse of FTX, the cryptocurrency exchange platform that filed for bankruptcy last week, leaving losses that could amount to billions of dollars.

The House Financial Services Committee indicated Wednesday that it expects to question Sam Bankman-Fried, the 30-year-old founder and CEO of FTX, who was seen as a hero in the cryptocurrency community but could now face civil and criminal charges.

The commission also wants to question representatives of FTX and other cryptocurrency exchanges such as Binance and Alameda Research at hearings scheduled for December.

The FTX crash has caused great harm to more than a million users, many of whom were ordinary people who invested their hard-earned savings in the FTX platform, only to see it disappear in a matter of seconds, committee chairwoman Maxine Waters, a Democrat, said in a statement.

FTX filed for protection from creditors on Friday, rocking the cryptocurrency world, which has suffered major shocks this year, including a precipitous drop in the price of Bitcoin and other digital currencies.


Reuters. U.S. House committee to hold hearing on collapse of FTX. Link


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There's a lot more to this FTX collapse than we know. Ties to the Democratic Party, ties to Tim Giethner, ties to Ukraine, the WEF and the pandemic. Starting with the collapse of Luna Terra (in which FTX played a major role) - this has been about industry capture.

Hello @saltycat

It makes sense what you say, somehow states and parties will try by all means by infiltrate the internal structures of the economic system of the cryptocurrency market to create chaos and distrust.

Best regards, be well.

I think this is a step to bringing some state regulations to these centralized exchanges. I am one of the few who supports this exchanges being regulated because i know it will reduce some unexpected tragedies like this Ftx scenario...

Thanks for sharing buddy

Hello @salamdeen

I think the same, they are creating scenarios to bring some state regulations to these centralized exchanges.

Best regards, be well.