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Cryptocurrencies: 27827
Markets: 115863
Market Cap: $3,351,322,299,234     
24h Vol: $284,854,789,284
Seeking Alpha 2022-11-14 17:44:03

FTX downfall is said to be probed by Manhattan U.S. attorney's office

FTX downfall is said to be probed by Manhattan U.S. attorney's office
Prosecutors working with the U.S. Attorney's office for the Southern District of New York have opened a probe into the meltdown of cryptocurrency exchange FTX, Reuters reported Monday, citing a person familiar with the matter. The investigation comes just days after Sam Bankman-Fried's FTX filed for Chapter 11 bankruptcy protection in the face of its multibillion-dollar shortfall and its inability to meet a huge amount of customer withdrawals. Like many industry experts suggested, FTX's demise has triggered increased regulatory scrutiny across the wider crypto ecosystem, which could be seen as a positive development. That being said, the latest blow to the cryptoverse pushed some crypto exchanges to share proof of their reserves to increase transparency; Crypto.com did just that . Previously, (Nov. 9) FTX came under SEC, CFTC investigations over its mishandling of client funds as well as its financial relationship with sister companies FTX US and Alameda Research .
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