7 months ago
Date: 23 Nov 2022 - 17:28
Senators Elizabeth Warren DMass. and Sheldon Whitehouse DR.I wrote a letter to the United States Department of Justice DOJ to express their concern regarding the FTX implosion.Warren and Whitehouse requested in the Nov. 23 letter that the DOJ hold the executives of FTX 8220accountable to the fullest extent of the law8221 for the allegations of fraud and illicit behavior that led to the eventual collapse of the exchange valued at 32 billion only a short while ago.The senators noted the impact FTX has had on companies including Genesis 175 million locked up in an FTX trading account Galois Capitals 100 million locked in its FTX account and BlockFi having to halt withdrawals and prepare to file for bankruptcy.It was also noted within the letter that FTX wants to discharge its debts to customers 8211 many of whom are retail investors 8211 of up to 8 billion.SBF confessed in an investor meeting that Alameda Research owed FTX an estimated 10 billion in customer deposits that were lent out without customer consent. This is considered a violation of both FTXs own terms of service and of U.S securities law.Warren and Whitehouse state in the letter that FTX created a false sense of safety and legitimacy and encouraged consumers to pour their hardearned money into investments on the exchange.Prior to the FTX collapse Sam BankmanFried SBF assured customers that FTX has enough to cover all client holdings. We dont invest client assets even in treasuries. A statement which has since been proved false and the original tweet deleted.Calling out formerCEO Sam BankmanFried SBF for trying to minimize the concerns prior to the collapse the senators state that it was clear SBF and the company representatives were lying.nbsp8220The 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 themselves8221The senators concluded the letter by imploring the DOJ to prosecute those responsible for the harm brought onto the victims of the exchanges collapse.The new FTX CEO John Jay Ray III the man that managed the historic bankruptcy of energy trading giant Enron has since shed light on the negligence displayed by Sam BankmanFried describing it as a complete failure of corporate control.The post US Senators want justice department to hold FTX execs accountable for collapse appeared first on CryptoSlate.
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