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Home Blockchain

U.S Senator Insists on Customer Protection after FTX Implosion

by Abimbola Adu
Nov 11, 2022 - 12:00 am
in Blockchain
U.S Senator Insists on Customer Protection after FTX Implosion|U.S Senator Insists on Customer Protection after FTX Implosion|Senator John Boozman Statement

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On November 10, Senator John Boozman of the United States issued a statement about consumer protection in the aftermath of the FTT Alameda debacle.

Senator John Boozman Statement

John made the statement to show how important it was that the US government show more interest in overseeing the digital asset industry.

He went on to say that the Digital Commodities Consumer Protection Act of 2022 was drafted to protect the interests of consumers.

This bill, when implemented, will bring a high level of accountability and transparency to the digital asset industry.

The FTT Alameda fiasco has been the talk of the town, especially in the crypto industry. Many have lost millions of dollars due to the plunge in price that sent FTT crashing below $3 from $22.

FTX exchange and Alameda Research, owned by Samuel Bankman Fried, have been accused of mishandling customers’ funds and using them for personal gain.

On November 8, FTX froze all withdrawals on their platform, prohibiting customers from accessing their funds.

The following day, all FTX-related websites went dark and became inaccessible. 

Binance CEO Changpeng Zhao had planned to acquire the FTX exchange to prevent it from collapsing. However, he withdrew when further investigations revealed that they might have been involved in fraud.

Tags: FTX
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

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