The U.S. Justice Department has called for an independent examiner to probe FTX’s collapse, calling it the 'fastest big corporate failure in American history.'
The United States Trustee handling FTX’s bankruptcy proceedings has referred to the now-defunct exchange as the "fastest big corporate failure in American history," and is calling for an independent probe to look into its downfall., U.S.
Vara has called for an independent examination of FTX, stating it was"especially important because of the wider implications that FTX’s collapse may have for the crypto industry." This type of examiner has been called in other high-profile bankruptcy cases such as Lehman Brothers, and more recently to look into"Like the bankruptcy cases of Lehman, Washington Mutual Bank, and New Century Financial before them, these cases are exactly the kind of cases that require the appointment of an independent fiduciary to investigate and to report on the Debtors' extraordinary collapse," the Trustee said.
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