In this May 12, 2022, file photo, Terrence A. Duffy, CEO of the Chicago Mercantile Exchange, Sam Bankman-Fried, CEO of FTX US Derivatives, Christopher Edmonds, chief development officer of the Intercontinental Exchange, and Christopher Perkins, president of CoinFund, testify during the House Agriculture Committee hearing titled Changing Market Roles: The FTX Proposal and Trends in New Clearinghouse Models, in Washington, D.C.
The major exit from a crypto heavyweight triggered a wider selloff, akin to a bank run, placing immense pressure on FTX to meet the sudden demand for customer withdrawals. Due to a lack of funds, FTX halted customer withdrawals altogether.– FTX reached a deal to sell itself to Binance, the crypto exchange whose executive had helped trigger the selloff.. "CZ has done, and will continue to do, an incredible job of building out the global crypto ecosystem, and creating a freer economic world.
"The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds," Rep. Maxine Waters, D-Calif., said in a statement. "I had no knowledge, nor did any of the other celebrities, of what occurred here," O'Leary, an entrepreneur and panelist on the TV show "Shark Tank," told ABC's "Nightline."an interview in which Bankman-Fried disparages regulators using an expletive, confesses that his previous calls for tighter crypto regulation had been driven by public relations concerns and says he regrets the company declaring bankruptcy.
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