FTX in talks with regulators, appoints directors as bankruptcy proceedings begin

:Collapsed crypto exchange FTX said in a court filing that it was in contact with financial regulators, and had appointed five new independent directors at each of its main companies, including Alameda research.

The implosion of FTX, once a darling of the crypto industry with a $32 billion valuation as of January, has spurred investigations by the U.S. Justice Department, the Securities and Exchange Commission and Commodity Futures Trading Commission , a source with knowledge of the investigations told Reuters.

FTX has appointed five independent directors to ensure proper corporate governance during its bankruptcy, lawyers for the company said in the filing. Former U.S. District Court Judge Joseph Farnan and Matthew Doheny will oversee FTX Trading.

Thanks, Frodo. For showing us all how truly inept the money managers who invested hundreds of millions of taxpayers’ money were.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rise and fall of crypto exchange FTXFTX was commencing bankruptcy proceedings in the United States and its Chief Executive Officer Sam Bankman-Fried has resigned, the crypto exchange said on Friday, in a spectacular collapse that has sent shivers through the industry.Here is a history of FTX since its foundation in 2019:2019:
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Crypto lender BlockFi says it has significant exposure to FTX:Cryptocurrency lender BlockFi said on Monday it has significant exposure to Sam Bankman-Fried's crypto exchange FTX, and associated entities, that last week filed for bankruptcy. FTX founder Bankman-Fried also resigned as chief executive, after the biggest blowup in the crypto industry drew calls for tighter
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »