US Trustee overseeing FTX's bankruptcy case has asked the court to appoint an independent examiner.
that over the course of eight days in November, debtors “suffered a virtually unprecedented decline in value” from a market high of $32 billion earlier in the year to a severe liquidity crisis after a “proverbial ‘run on the bank:’”
Vara has called for an independent examination of FTX, stating it was “especially important because of the wider implications that FTX’s collapse may have for the crypto industry.” This type of examiner has been called in other high-profile bankruptcy cases such as Lehman Brothers, and more recently to look into“Like the bankruptcy cases of Lehman, Washington Mutual Bank, and New Century Financial before them, these cases are exactly the kind of cases that require the appointment of an independent fiduciary to investigate and to report on the Debtors' extraordinary collapse,” the Trustee said.
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