Following the exchange’s liquidity crisis and bankruptcy filing, many reports allege that Bankman-Fried’s net worth has dropped more than 90%, resulting in his losing his billionaire status. In addition to apologizing on Twitter for ‘not doing enough’ to provide transparency on the situation, SBF has said he ‘should have done better’ in providing transparency.
According to a source familiar with the investigations, authorities in New York are looking into the collapse of FTX following the company filing for bankruptcy on November 11th,Reference: New York authorities were reportedly looking into the collapse of FTX following the company’s bankruptcy filing on November 11th, 2011,Reference: According to a source familiar with the investigations, authorities in New York are investigating the collapse of FTX following the company’s bankruptcy filing on November 11th, 2011,Reference: New York authorities were reportedly looking into the collapse of FTX following the company’s bankruptcy filing on November 11th, 2011,Reference: A source familiar with the investigations reportedly said New York authorities were looking into the collapse of FTX following the firm’s bankruptcy filing on November 11th, 2011.
The United States attorney’s office in the Manhattan district of New York is reportedly investigating the fall of crypto exchange FTX.
California’s Department of Financial Protection and Innovation said on Nov. 14 it would investigate the apparent failure of crypto exchange FTX, according to an article from Reuters. The report said New York authorities were looking into the collapse of major crypto exchange following FTX declaring bankruptcy on Nov. 11.
The FTX saga is bound to shift to the regulatory and legal implications of a major crypto exchange collapsing after Sam Bankman-Fried, the former CEO, posted on social media platforms and news outlets.
FTX co-founder was under supervision in the Bahamas, where many FTX employees were based. On November 10, the securities regulator ordered FTX’s assets frozen and the exchange was reportedly under investigation for criminal misconduct because of its insolvency.
Many reports suggest that Bankman-Fried’s net worth has decreased more than 90%, following the controversy and liquidity crisis at FTX. Despite providing transparency about the situation several times on Twitter, SBF says he “should have done better” in providing transparency.
