Collapsed-crypto exchange FTX in touch with regulators, may have more than one million creditors: filings

Collapsed-crypto exchange FTX outlined a “severe liquidity crisis” in U.S. bankruptcy filings, which said the group could have more than 1 million creditors, as regulators opened investigations and lawmakers called for clearer rules on how the industry operates.

“FTX faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis last Friday,” the court filing stated. The filings also confirmed that FTX had responded to a cyber attack on Nov. 11, after saying on Saturday it had seen “unauthorized transactions” on its platform.

The Securities Commission of The Bahamas, in a statement also dated Monday, said two PwC partners had been approved by the Supreme Court as joint provisional liquidators for FTX. Investigations by the U.S. Justice Department, the Securities and Exchange Commission and Commodity Futures Trading Commission are also under way, a source with knowledge of the investigations told Reuters.

“One has to ask why prices are not already lower than they are. The answer may simply be that the scale of this collapse is such that credit concerns now trump every other risk, and participants are focusing on moving assets off exchanges, at the short-term expense of price risk management,” said crypto liquidity provider B2C2 in a note to customers.

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'Collapsed-crypto exchange FTX in touch with regulators, may have more than one million creditors' Among them PierrePoilievre and kevinolearytv?

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EXPLAINER: What's happening at bankrupt crypto exchange FTX?The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. Just crooks getting caught! Kinda like the Covid lies 😆😆😆 So how many lost money ? Pro tip: cp24 is biased media and doesn't know jack about FTX or anything else. This is a PSA: Pepé Service Announcement
Source: CP24 - 🏆 30. / 67 Read more »

What's happening at bankrupt cryptocurrency exchange FTX?The imploding cryptocurrency trading firm FTX is now short billions of dollars after experiencing the crypto equivalent of a bank run. The exchange, formerly one of the world's largest, sought bankruptcy protection last week, and its CEO and founder resigned. Hours later, the trading firm said there had been 'unauthorized access' and that funds had disappeared. Analysts say hundreds of millions of dollars may have vanished. Unregulated Cryptocurrency is a fools currency, the list keeps growing. Democrats are losing their second biggest donor- ceo from there annnd probably less Ukraine money laundering/kid exploitation? It sounds like the beginning of the collapse
Source: CTVNews - 🏆 1. / 99 Read more »