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Washington turns up heat on crypto ‘darling’ Sam Bankman-Fried following FTX bankruptcy



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As FTX teeters on the brink of collapse, former CEO Sam Bankman-Fried has fallen out of favor as the industry “darling” in Washington and drawn scrutiny from regulators and lawmakers in both parties.Bankman-Fried, who was a regular presence on Capitol Hill over the past year as an industry advocate, tweeted on Thursday that he was sorry. “I f—ed up, and should have done better,” he said.related investing newsBankman-Fried stepped down as CEO of the cryptocurrency exchange he founded, and FTX filed for Chapter 11 bankruptcy protection, the company announced Friday.The company’s implosion has led the Biden White House and two powerful Democratic committee chairs to publicly criticize FTX and call for tighter oversight of the broader industry.Excluding the cryptocurrency exchange’s U.S. business, Bankman-Fried tweeted that the company’s international operation has a total market value of assets and collateral that is higher than client deposits, but he said that is “different from liquidity for delivery — as you can tell from the state of withdrawals.”Binance, a separate cryptocurrency exchange, announced on Wednesday that they were backing out of acquiring FTX “as a result of corporate due diligence, as well as the lates …

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