10 months ago
Date: 23 Nov 2022 - 17:28
Senators Elizabeth Warren DMass. and Sheldon Whitehouse DR.I. wrote a letter to the US Department of Justice expressing concern over the FTX implosion.The senators want the DOJ to hold the executives of FTX 8220accountableto the fullest extent of the law8221 for the allegations of fraud and illicit behavior thatled to the eventual collapse of the exchange that was valued at 32 billion a short while ago.The senators noted the companies impacted by FTX 8212 Genesis 175 million locked in FTX trading account crypto hedge fund Galois Capitals approximately 100 million locked in its FTX account and BlockFis halting of withdrawals and planned bankruptcy filing.Warren and Whitehouse stated that FTX wants to discharge its debts to customers 8212 many of whom are retail investors 8212 of up to 8 billion.The letter states 8220FTX created a false sense of safety and legitimacy and encouraged consumers to pour their hardearned money into investments on the exchange.8221The senators call out former CEO Sam BankmanFried for trying to minimize the concerns before the collapse stating that it is clear he and company representatives 8220were lying.82218220The fall of FTX was not simply a result of sloppy business and management practices but rather appears to have been caused by intentional and fraudulent tactics employed by Mr. BankmanFried and other FTX executives to enrich themselves8221 the letter states.The letter implores the DOJ to prosecute the individuals responsible for the harm brought on to the victims of the exchanges collapse.The post US Senators want justice department to hold FTX execs accountable for collapse appeared first on CryptoSlate.
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