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Former FTX general counsel tells House panel $8 billion in customer assets were missing; urges segregation and examinations
Summary
Ryan Miller, who served as general counsel at FTX US, told the House Agriculture Committee that the FTX collapse resulted from concealed fraud and that federal registration, segregation of customer funds and routine examinations would have prevented the loss.
Ryan Miller, a partner at Lowenstein Sandler LLP and former FTX US general counsel, told the House Committee on Agriculture that the collapse of FTX global in November 2022 was the product of “a concealed fraud performed by the most senior members of the FTX founding team,” not a standard bank run. Miller testified that he learned in early November 2022 that “approximately $8,000,000,000 in customer assets on the FTX global platform were simply gone.”
Miller said FTX’s failure illustrated missing regulatory guardrails on some…
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