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House panel wants internal documents from bankrupt crypto exchange FTX

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New York
CNN
 — 

A powerful subcommittee in the House of Representatives is seeking internal documents and communications from Sam Bankman-Fried and FTX to understand how the crypto exchange collapsed so suddenly and what is being done to recover customer funds.

FTX, formerly one of the most trusted brands in crypto, filed for bankruptcy last week and announced the resignation of Bankman-Fried, its 30-year-old CEO who lost a fortune.

In a Friday letter, Democratic Rep. Raja Krishnamoorthi, chairman of the Oversight Committee’s Subcommittee on Economic and Consumer Policy, said he is “extremely troubled” by the FTX bankruptcy and the “potentially significant harm” it will cause to American consumers and investors.

Krishnamoorthi is requesting detailed information on the liquidity crisis facing FTX, the sudden decision to declare bankruptcy and what the company plans to do to “ensure that every single dollar is returned to American consumers who placed their…

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