Lawyers for bankrupt crypto exchange FTX_Official tell the court that the exchange’s swift collapse this month was “one of the most abrupt and difficult collapses in the history of corporate America.” nikhileshde and cheyenneligon report
“You have witnessed probably one of the most abrupt and difficult collapses in the history of corporate America,” an attorney for FTX said during the company’s first bankruptcy hearing on Tuesday.
There are over 100 different debtors tied to the FTX group that filed for bankruptcy, another attorney,tktk name, said. The new team at FTX, including new CEO John Ray III, has “assembled a team of investigators,” which includes former enforcement officials with the Securities and Exchange Commission, Commodity Futures Trading Commission and former prosecutors, Bromley said. FTX has also retained crypto analytics firm Chainalysis to help it investigate the company’s holdings."We have received requests I would say – some might say demands – from the US Congress, both from the Senate and the House to have Mr.
The attorney questioned some of FTX’s expenditures, saying that one of the U.S. entities spent around $300 million on real estate in The Bahamas – homes and vacation homes for members of FTX’s leadership team.
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