CRYPTOCURRENCY

FTX was the "fastest" company collapse in American history, says U.S. Trustee.

The US Trustee overseeing FTX's bankruptcy proceedings has requested an independent investigation into its demise. In a Dec. 1 motion, U.S. Trustee called the defunct exchange the "fastest large business collapse in American history". An independent examiner has been requested by the Department of Justice. Independent examiners are usually called in when creditors want them or when unsecured debts surpass $5 million. Trustee Andrew Vara said debtors "suffered an almost unparalleled fall in value" over eight days in November. The U.S. Attorney's Office for the Southern District of New York and Securities and Exchange Commission have allegedly submitted many requests to investors.

• by Rebeca Moen
• Dec 02, 2022