Senate Banking hearing set to take aim at FTX and cryptocurrency industry: 'The largest Ponzi scheme in history'

Australia News News

Australia Latest News,Australia Headlines
  • 📰 CNBC
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 72%

CORRECTION: 'It's just unregulated Wild West,' Kevin O'Leary said Wednesday at the Senate Banking hearing on the collapse of FTX.

FTX "from the start," which allowed him to divert billions of dollars of customer funds into his own hands to grow his sprawling empire.

Though Ray and Bankman-Fried won't be part of the Senate Banking hearing on Wednesday, four cryptocurrency experts will be testifying instead, including Kevin O'Leary, a longtime paidThe pre-released opening remarks by the witnesses suggests that the hearing won't just focus on FTX but how the collapse of the company may impact the industry at large.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ex-FTX CEO declines Senate Banking Committee hearingEx-FTX CEO declines Senate Banking Committee hearingSam Bankman-Fried continues to decline to testify in front of the U.S. Senate Banking Committee and his lawyers are refusing to accept a subpoena.
Read more »

FTX US 'Was Not Independent' of Parent Company, New FTX CEO Will Say in House TestimonyFTX US 'Was Not Independent' of Parent Company, New FTX CEO Will Say in House TestimonyFTX US “was not independent” of its parent company, new FTX CEO John Ray III plans to say in his testimony before the House Financial Services Committee on Tuesday. nikhileshde reports
Read more »

Senators slam Sam Bankman-Fried for refusing to testify before banking panel on FTX collapseSenators slam Sam Bankman-Fried for refusing to testify before banking panel on FTX collapseSenators Sherrod Brown and Pat Toomey said ex-FTX CEO Sam Bankman-Fried declined to testify at a committee hearing in 'an unprecedented abdication of accountability.'
Read more »

FTX used QuickBooks and Slack for finances, new CEO saysFTX used QuickBooks and Slack for finances, new CEO saysThe CEO hired to guide FTX through bankruptcy testified that the company used QuickBooks and instant messaging to handle its finances.
Read more »



Render Time: 2025-02-27 09:14:49