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1:19Now PlayingKevin O'Leary grilled on FTX crypto exchange collapse | USA TODAY
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1:19Now PlayingRepublican Senator Pat Toomey grilled former FTX spokesperson Kevin O'Leary on the recent collapse of the crypto exchange.
RELATEDFTX is facing a class action lawsuit. What we know about the company.
Congress waded into the complex, mystifying world of cryptocurrency Tuesday with a hearing on FTX, a newfangled company that found an old-fashioned way to lose billions of dollars, according to its CEO.
Federal prosecutors unsealed an eight-count indictment Tuesday against a former CEO, Sam Bankman-Fried, who was arrested in the Bahamas on charges including wire fraud and misusing customer funds. Customers lost an estimated $8 billion and the company has filed for Chapter 11 bankruptcy protection.
The hearing before the House Financial Services Committee explored the new frontier of cryptocurrency for transferring money – and wealth – through the digital realm. The unfamiliar landscape adopted a language of blockchain and crypto wallet.
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