US Senate investigating the FTX crash

Another piece of news in the unfolding investigation of the failed, notorious FTX.

A crypto platform, sadly known to have gone under recently, taking millions of crypto users with it is under some scrutiny indeed.  

A very powerfull subcommittee in the House of Representatives is now considering and going through internal documents and communications. These are those derived from Sam Bankman-Fried and FTX to understand how the crypto exchange crashed so suddenly and what is being done to recover customer funds.

FTX, formerly one of the most trusted names in crypto, filed for bankruptcy last week and announced the resignation of Bankman-Fried, its 30-year-old CEO who was let down on a fortune.

In a Friday open statement, the Democratic Rep. Raja Krishnamoorthi, chairman of the Oversight Committee’s Subcommittee on Economic and Consumer Policy, said he is 

“extremely troubled” by the FTX bankruptcy and the “potentially significant harm” it will cause to American consumers and investors.

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