US Probes FTX Empire Over Handling of Client Funds and Lending (bloomberg.com) 8
US financial regulators are investigating whether beleaguered crypto-exchange FTX.com properly handled customer funds, as well as its relationship with other parts of Sam Bankman-Fried's crypto empire, Bloomberg News reported Wednesday, citing people familiar with the matter. From the report: The investigations by the Securities and Exchange Commission and the Commodity Futures Trading Commission relate to the liquidity crisis at the trading platform that led to a planned buyout of its non-US operations by rival exchange Binance Holdings, according to the people. Regulators are also looking into the platform's relationship with FTX.com's American counterpart FTX US and Bankman-Fried's trading house Alameda Research. The SEC's inquiry began months ago as a probe into FTX US and its crypto-lending activities, said two of the people.
Inspect the dumpster after the fire... (Score:5, Insightful)
Sure, go ahead and inspect the dumpster after the raging fire. I'm sure that will make all the rubes that got their "investments" wiped out by Binance's manipulation and cratering of competition feel better.
Can't say we didn't warn them, but a rube is gonna rube all the live-long day.
Re: (Score:2)
RTFS
The SEC's inquiry began months ago as a probe into FTX US and its crypto-lending activities ...
regulations need to come to crypto faster! (Score:2)
regulations need to come to crypto faster!
Not surprising (Score:4, Interesting)
After it took Binance less than a day to change their mind they obviously saw some pretty big red flags.
Though I would have expected actual chicanery to be buried deep enough that it would take more than a day to figure out from the books, it's possible they walked in the doors and someone discreetly blew the whistle.
See what happens ? (Score:3)
Once you are no longer a billionaire, you take the heat just like us little guys!
see previous: "Sam Bankman-Fried's Net Worth Fell 93% In 1 Day, Loses Billionaire Status"