- Singapore’s parliament has questions for Prime Minister Lee Hsien Loong and Deputy Prime Minster Lawrence Wong after FTX blew up.
- Lawmakers additionally queried Temasek’s due diligence after the state-backed enterprise agency wrote off $275 million caught on Sam Bankman-Fried’s trade.
- The Bahamas-based platform was not licensed to function in Singapore earlier than submitting for chapter.
Singapore’s prime minister and deputy prime minister will seem earlier than the nation’s lawmakers as authorities worldwide launch probes following FTX’s wipeout earlier in November 2022. Bloomberg reported that Prime Minister Lee Hsien Loong and Deputy Prime Minster Lawrence Wong had been scheduled to talk with lawmakers at a parliamentary listening to later this week.
Lawmakers additionally requested the state-funded enterprise agency Temasek to report on its due diligence as the corporate make investments $275 million within the cryptocurrency trade. The agency wrote off its funding after participating FTX in talks as a shareholder.
Certainly, authorities are on excessive alert in a bid to guard retail traders from spreading contagion. Native traders already noticed their portfolios wind down again in Could after Terra’s $40 billion implosion.
U.S. companies just like the CFTC and SEC had been additionally deliberating crypto laws and standardize the digital asset business. Notably, Sam Bankman-Fried lobbied for seemingly “anti-DeFi” and was considered the face of crypto in Washington DC.
The fallout from FTX continues
Sam Bankman-Fried’s trade tumbled after CoinDesk uncovered holes in Alameda’s stability sheet on November 2, 2022. A myriad of fraudulent administration and questionable accounting was additional uncovered within the days that adopted.
The crypto trade was compelled out of business after pausing withdrawals and a multi-billion greenback “liquidity crunch”.
A number of firms like Genesis reported publicity to the beleaguered crypto trade with a few of these companies writing off their investments quite than embroiling in chapter proceedings.