Criminal and political investigations into FTX founder and former CEO Sam Bankman-Fried are set to heat up in the coming weeks as federal authorities seek to bring him to U.S. soil.
an onslaught of legal repercussions over his involvement in the collapse of FTX, the cryptocurrency trading platform he founded in 2019, with congressional investigations set to take off over the course of the upcoming weeks.
"The hearing will give us an opportunity to ask Chairman Behnam what the CFTC needs from Congress to establish a regulatory framework that will give consumers greater confidence that their investments are safe," the statement continued. Amid the company's demise, Bankman-Fried's estimated net worth plummeted from more than $15 billion to no material wealth in just days. The former billionaire issued a public apology admitting he had "f---ed up" and the new FTX CEO stated during court proceedings that he had never before seen "such a complete failure."
Ray III previously oversaw the bankruptcy proceedings of failed emery company Enron in early the 2000s. The FTX collapse has also beenLehman Brothers and the Ponzi scheme masterminded by former NASDAQ Chairman Bernie Madoff.
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