FTX management pressed for information by US subcommittee chairman
A letter from the Chairman of the Economic and Consumer Policy Subcommittee asked former and current FTX CEOs to provide details on the past and present of the financial exchange.
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The former and current CEO of bankrupt cryptocurrency exchange FTX have been pressured by the chairman of a US House subcommittee to demand documents relating to the finances of exchange.
"FTX customers, former employees, and the public deserve answers," Raja Krishnamoorthi, chair of the subcommittee on economic and consumer policy, wrote in a Nov. 18 letter to both the former CEO of FTX, Sam Bankman-Fried, and to the current director of the exchange. CEO John J. Ray III, who took over following FTX's bankruptcy filing.
Krishnamoorthi added that the subcommittee was "seeking detailed information on the significant liquidity issues faced by FTX, the company's abrupt decision to declare bankruptcy, and the potential impact of these actions on clients who have used your exchange".
He insisted that the exchange hand over a wealth of information relating to his finances, including explanations of his liquidity issues, balance sheets from before his collapse in early November, his current crypto holdings and a plan on how it will reimburse customers.
Krishnamoorthi also requested information on who was handling the finances of the exchange, any input received by FTX from Alameda Research CEO Caroline Ellison, and a description of any "backdoors" that may have been used to move funds under the noses of auditors or other FTX departments. .
Former and current FTX bosses were reminded to submit documents as part of an August 30 request to Bankma...
A letter from the Chairman of the Economic and Consumer Policy Subcommittee asked former and current FTX CEOs to provide details on the past and present of the financial exchange.
New
The former and current CEO of bankrupt cryptocurrency exchange FTX have been pressured by the chairman of a US House subcommittee to demand documents relating to the finances of exchange.
"FTX customers, former employees, and the public deserve answers," Raja Krishnamoorthi, chair of the subcommittee on economic and consumer policy, wrote in a Nov. 18 letter to both the former CEO of FTX, Sam Bankman-Fried, and to the current director of the exchange. CEO John J. Ray III, who took over following FTX's bankruptcy filing.
Krishnamoorthi added that the subcommittee was "seeking detailed information on the significant liquidity issues faced by FTX, the company's abrupt decision to declare bankruptcy, and the potential impact of these actions on clients who have used your exchange".
He insisted that the exchange hand over a wealth of information relating to his finances, including explanations of his liquidity issues, balance sheets from before his collapse in early November, his current crypto holdings and a plan on how it will reimburse customers.
Krishnamoorthi also requested information on who was handling the finances of the exchange, any input received by FTX from Alameda Research CEO Caroline Ellison, and a description of any "backdoors" that may have been used to move funds under the noses of auditors or other FTX departments. .
Former and current FTX bosses were reminded to submit documents as part of an August 30 request to Bankma...
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