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Home lawmakers name Sam Bankman-Fried, different executives, to testify at listening to on FTX collapse – EAST AUTO NEWS

Home lawmakers name Sam Bankman-Fried, different executives, to testify at listening to on FTX collapse


CEO of FTX Sam Bankman-Fried testifies throughout a listening to earlier than the Home Monetary Companies Committee at Rayburn Home Workplace Constructing on Capitol Hill December 8, 2021 in Washington, DC.

Alex Wong | Getty Pictures

Home lawmakers are calling FTX founder Sam Bankman-Fried and different executives to Capitol Hill to testify in regards to the crypto change’s collapse at a listening to in December.

Home Monetary Companies Committee Chairwoman Maxine Waters, D-Calif., and the rating Republican Rep. Patrick McHenry, of North Carolina, are holding a uncommon bipartisan listening to on the matter. They plan to haul up executives from FTX, Alameda Analysis, Binance and others to testify as effectively.

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“The autumn of FTX has posed super hurt to over a million customers, a lot of whom had been on a regular basis individuals who invested their hard-earned financial savings into the FTX cryptocurrency change, solely to observe all of it disappear inside a matter of seconds,” Waters mentioned in a press release. “Sadly, this occasion is only one out of many examples of cryptocurrency platforms which have collapsed simply this previous 12 months.”

After a deal to shore up its liquidity with Binance fell via final week, FTX filed for Chapter 11 chapter safety Friday together with 130 affiliated corporations, together with Bankman-Fried’s crypto buying and selling agency Alameda Analysis and FTX.us, the corporate’s U.S. subsidiary. Bankman-Fried has since stepped down as CEO of the corporate he based.

In a matter of days, FTX went from a $32 billion firm to chapter as liquidity dried up and clients demanded to withdraw their funds. FTX founder Bankman-Fried admitted final week that he “f—ed up.”

“There isn’t any sugar coating it. The collapse has been a dumpster fireplace. Customers overlooked to dry. Ecosystem in limbo,” McHenry mentioned, talking at an unrelated listening to Wednesday.

CNBC’s Mary Catherine Wellons and MacOkayenzie Sigalos contributed to this text.

Home lawmakers name Sam Bankman-Fried, different executives, to testify at listening to on FTX collapse – EAST AUTO NEWS
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