Senate Banking hearing set to take aim at FTX and cryptocurrency industry: ‘The largest Ponzi scheme in history’
Posted on AllSides December 14th, 2022
From The Center
Andrew Harrer | Bloomberg | Getty Images
The Senate Banking Committee on Wednesday is holding a second day of hearings this week on the downfall of cryptocurrency exchange FTX, examining how the company’s implosion could impact the nascent industry.
On Tuesday, FTX’s new CEO John J. Ray testified in front of the House Financial Services Committee where he accused former executives, including founder and former CEO Sam Bankman-Fried, of embezzling customer funds.
“This is really just old fashioned embezzlement. This is just taking money from customers and using it for your own purpose. Not sophisticated at all,”...
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