A U.S. bankruptcy judge on Wednesday denied calls for a new, independent probe into FTX's collapse, saying that it would be redundant to other investigations being carried out by the crypto exchange's new management and law enforcement.
that demand, saying that the proposed examiner would merely duplicate work already being done by FTX, its creditors, and law enforcement agencies.
The proposed examination would also drain millions of dollars from FTX's limited funds, the company argued. Dorsey expressed confidence at Wednesday's hearing in the investigation already being handled by FTX's new CEO, John Ray. Ray is a "consummate professional" with decades of experience cleaning up the mess left by troubled companies, and he is wholly independent of FTX's past misconduct, Dorsey said.
Dorsey also said Wednesday that he intends to appoint a fee examiner to oversee FTX’s spending on professional fees in its bankruptcy.over $2,100 per hour, have incurred nearly $25 million in fees for work performed from Nov. 12 through Dec. 31, according to recent court filings. An attorney for FTX said the company will propose someone for the role of fee examiner after consulting with its creditors.
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Judge denies request for FTX bankruptcy examiner'An examiner would not be in the best interest of the creditors,' Judge John Dorsey said.
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Former FTX lawyer had ties to George Santos, poker cheating scandalFTX's former regulatory chief was at the center one of the largest online poker cheating scandals ever and a donor to George Santos' campaign
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GOP lawmakers probe timing of FTX founder Sam Bankman-Fried's arrestRepublicans from the House Financial Services Committee have requested records from the SEC related to the timing of charges against FTX founder Sam Bankman-Fried.
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