FTX founder Sam Bankman-Fried reportedly being investigated by feds over whether he manipulated prices of two cryptocurrencies to benefit his companies, and has been ordered to testify before a Senate committee about the collapse of his crypto platform.
FTX founder Sam Bankman-Fried is being investigated by federal prosecutors over whether he manipulated prices of two cryptocurrencies to benefit his companies, according to a new report, and has also been ordered to testify before a Senate committee about the collapse of his crypto platform.
The Times reported the probe is in its early stages, and is part of a wider investigation into FTX’s collapse and the potential misappropriation of billions of dollars of customers’ funds, which are now missing. Additionally, the Times confirmed a November Bloomberg report that FTX was also being investigated for potentially violating U.S. money-laundering laws months before FTX’s collapse.
Also see: As FTX collapse spurs calls for tighter rules, ‘we’re already suited up’ on crypto, SEC chief Gensler says “FTX’s collapse has caused real financial harm to consumers, and effects have spilled over into other parts of the crypto industry. The American people need answers about Sam Bankman-Fried’s misconduct at FTX,” Sens. Sherrod Brown, D-Ohio, and Pat Toomey, R-Pa., said in a statement.
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