Regulators froze some assets of distressed cryptocurrency exchange FTX and industry peers raced to limit losses on Friday amid worsening solvency problems at the firm and heightened scrutiny of its chief executive, Sam Bankman-Fried.
SINGAPORE —
Meanwhile, the Securities Commission of the Bahamas said on Thursday it had frozen assets of FTX Digital Markets, an FTX subsidiary. Mr. Bankman-Fried is also under investigation by the US Securities and Exchange Commission for potential securities law violations, according to an unverified Bloomberg reporter tweet.
US lawmakers stepped up their calls for action, including new laws to govern the sector and a probe into what led to the FTX collapse. “We believe there is a 20–30% chance of a FTX rescue at best,” said Matthew Dibb, chief operating officer of Singapore-based crypto investment manager Stack Funds.“The damage looks to be done and even if FTX was bailed out, it would no longer be an avenue to trade as they have lost all credibility. A rescue of FTX would not be for the company, but for the clients and crypto ecosystem.”
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