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FTX Bankruptcy Examiner Denial Appealed by U.S. Government
An independent investigation could cost as much as $100 million, the federal court in Delaware has previously been warned.
Updated Mar 6, 2023, 5:30 p.m. Published Mar 6, 2023, 5:21 p.m.
The U.S. government on Monday appealed a judicial decision not to appoint an independent examiner to look into the collapse of bankrupt crypto exchange FTX.
The U.S. Trustee, a branch of the Department of Justice (DOJ), had previously argued that bankruptcy law requires an independent probe for any case of such magnitude, despite warnings that it could cost as much as $100 million. In its arguments, the Trustee said an independent examiner could look into whether those responsible for mismanagement at FTX are still part of the company.
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A bipartisan group of U.S. senators had also called for an independent probe.
On Feb. 15, however, the Delaware-based U.S. bankruptcy court's Judge John Dorsey – who is overseeing the winding down of FTX – agreed with the company’s new management that an independent examination would represent costly delay to any resolution of the case.
An examiner appointed in the parallel case of crypto lender Celsius Network issued a 500-page report in January, four months after being appointed by a New York court.
Read more: Judge Denies Appointment of Independent Examiner in FTX Bankruptcy
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