SEC launches probe against FTX`s Sam Bankman-Fried

  • An investigation into the FTX exchange was launched on 10th November.
  • Sam Bankman-Fried would also be investigated.
  • Workers of the US-based platform FTX.US were attempting to list assets.

The troubled firm, FTX,  informed US federal officials that withdrawals would be suspended. Just yesterday though, it was announced that an investigation into the exchange had been launched. This was specifically done by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ).

Sam Bankman-Fried, the CEO and creator of FTX, would be under investigation by the SEC, it was revealed earlier today.

This year, the cryptocurrency sector has seen a number of initiatives fail. The presence of FTX, a well-known exchange, on the list was not something the crypto community expected. Nothing except pandemonium in the market resulted from the exchange’s collapse.

This allegedly occurred as a result of the investigation that the SEC, DOJ, and Commodity Futures Trading Commission [CFTC] just opened. These organizations investigated whether the administration of the exchange was mismanaging consumer funds.

Alameda Research was examined in addition to FTX. It should be recalled that earlier this year, SBF reportedly moved $4 billion from FTX to Alameda. This may be one of the causes for why the platform was included in all the inquiries.

According to a recent Bloomberg article, workers of the US-based platform FTX.US were attempting to list assets and even some of the company’s stock for sale.

The staff members were advocating Embed, a stock-clearing platform that FTX had previously purchased in June 2022. According to reports, SBF was allegedly not informed of this.

Users were alarmed by the most recent report, despite SBF’s continued assurances that the cash in the company’s US division was secure.

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer