{"id":14555,"date":"2022-11-17T13:46:14","date_gmt":"2022-11-17T13:46:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bankman-fried-alameda-execs-set-to-testify-on-ftx-collapse\/"},"modified":"2022-11-17T13:46:14","modified_gmt":"2022-11-17T13:46:14","slug":"bankman-fried-alameda-execs-set-to-testify-on-ftx-collapse","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bankman-fried-alameda-execs-set-to-testify-on-ftx-collapse\/","title":{"rendered":"Bankman-Fried, Alameda execs set to testify on FTX collapse"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )<\/b>
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Sam Bankman-Fried and several other executives will be asked to testify at an upcoming House Financial Services Committee hearing on the collapse of the FTX cryptocurrency exchange.\u00a0<\/p>\n

The exchange\u2019s implosion has contributed to its native FTX token<\/a> dumping by more than 90% in the past two weeks.<\/p>\n

A CNBC<\/em> report<\/a> on Wednesday notes that House lawmakers want to see the FTX founder at Capitol Hill to give an account of what happened at the now bankrupt crypto exchange.\u00a0<\/p>\n

Alameda and Binance execs to also testify<\/h2>\n

Apart from SBF, lawmakers are also looking to have executives from Alameda Research and Binance among others testifying, the report added.<\/p>\n

The bipartisan hearing, being put together by HFSC\u2019s Chairwoman Maxime Waters (D-CA) and ranking Republican Rep. Patrick McHenry (R- NC), will be held in December.<\/p>\n

Waters said in a statement that FTX\u2019s collapse had \u201cposed tremendous harm\u201d, with over one million people affected. Many of these users, the US lawmaker noted, are just everyday people whose hard-earned savings have disappeared.<\/p>\n

According to her, the fall of the FTX cryptocurrency exchange is unfortunately just one of many crypto platforms to implode in 2022. As CoinJournal<\/em> reported<\/a> earlier today, there\u2019s more to come out of this FTX crisis.<\/p>\n

In May this year, cryptocurrency Terra (LUNA) and its algorithmic stablecoin TerraUSD (UST) collapsed. Millions of people lost money as over $60 billion in market value flushed down the drain within days, while contagion hit multiple crypto companies, including Three Arrows Capital.<\/p>\n

The fall of the Singapore-based crypto hedge fund then impacted several other companies, notable among them crypto lenders Celsius and Voyager Digital that went bankrupt.<\/p>\n

Last week, FTX filed for Chapter 11 \u2013 with about 130 affiliates included in the filing.<\/p>\n

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(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News ) Sam Bankman-Fried and several other executives will be asked to testify at an upcoming House Financial Services Committee hearing on the collapse of the FTX cryptocurrency exchange.\u00a0 The exchange\u2019s implosion has contributed to its native FTX token dumping by more than 90% in […]<\/p>\n","protected":false},"author":13,"featured_media":14556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14555"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=14555"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/14556"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=14555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=14555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=14555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}