The Department of Justice has requested an independent examination into the collapse of crypto exchange giant FTX, according to a court filing.
The DOJ has launched an investigation into the collapse of crypto entrepreneur Sam Bankman-Fried’s company, CoinDesk. The probe will request a bankruptcy court to appoint an independent examiner to determine any potential wrongdoing that may have led to the company’s filing for Chapter 7 protection on November 11.
DOJ Trustee Andrew R. Vara said in the filing: “An examiner could – and should – investigate the substantial and serious allegations of fraud, dishonesty, incompetence, misconduct and mismanagement by the Debtors.”as the “fastest big corporate failure in American history.” According to Vara, there is a strong reason to believe that Bankman-Fried, the former CEO, and other managers, “mismanaged” the company “or engaged in fraudulent conduct.
by misusing customer funds. In court filings, new FTX CEO John Jay Ray III stated that the company had hidden the misappropriation of corporate funds, including the purchase of a property in the Bahamas for employees. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” RayBloomberg reported on Thursday that the U.S. Attorney’s Office for the Southern District of New York and attorneys from the U.S. Securities and Exchange Commission’s enforcement division have sent requests for information to crypto investors and trading firms that worked with FTX.
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