FTX’s new leadership works with law enforcement and regulators

The attorneys representing the bankrupt cryptocurrency exchange said that its new leadership is collaborating with law authorities and regulators in the U.S. and abroad.

The current corporate leadership of FTX and its affiliated companies are cooperating with the U.S. government and regulatory investigators, a lawyer representing the troubled company stated in today’s opening bankruptcy hearing.

“We are also in frequent conversation with the U.S. Department of Justice,” particularly the Southern District of New York’s Cyber Crimes Unit, according to James Bromley, a partner at Sullivan & Cromwell and co-counsel for the corporation in the United States.

John Ray III, the new CEO of FTX, and the rest of the exchange’s new leadership are collaborating with “the U.S. government and the other authorities across the globe who have taken a very strong interest in this issue,” Bromley said.

Bromley continued, “We have had requests, some may say demands, from both the Senate and the House of Representatives for Mr. Ray to appear in December.”

Bromley warned that FTX remains vulnerable to hacking, citing an attack that occurred hours after the initial bankruptcy filing, and the company has taken steps to protect its remaining assets.

A disagreement between FTX’s representatives and former CEO Sam Bankman-Fried and other former members of FTX’s leadership appears to involve the Bahamian government.

Bankman-Fried expressed contrition to a Vox reporter earlier this month for filing for bankruptcy. The attorneys now representing the company asked a federal judge for an emergency order to place FTX Digital Markets, the Bahamas branch of FTX’s corporate empire where the majority of the company’s operations took place.

Also Read: New Kenyan Legislation Aims To Impose An Income Tax On Crypto Traders

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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