The Senate Banking Committee will hold a second day of hearings on Wednesday into the collapse of the cryptocurrency exchange FTX, and how its downfall could impact the industry.

Actor Ben McKenzie Schenkkan, an outspoken critic of crypto speculation, will be among those to testify at the committee.

Earlier this week, former CEO Sam Bankman-Fried was charged with orchestrating a scheme to defraud investors by the U.S. Securities and Exchange Commission (SEC). Bankman-Fried was arrested Monday in the Bahamas at the request of the U.S. government, U.S. and Bahamian authorities said.

FTX, which had been among the world's largest cryptocurrency exchanges, filed for bankruptcy protection on Nov. 11 in one of the highest-profile crypto blowups after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

The liquidity crunch came after Bankman-Fried secretly moved $10 billion of FTX customer funds to Alameda, Reuters reported, citing two people familiar with the matter. At least $1 billion in customer funds had vanished, they said.

For more info, please go to https://globalnews.ca/news/9343837/ftx-sam-bankman-fried-arrested/

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