In Canada, pensions managers had to reassure public school teachers that their exposure to FTX was limited after it emerged that the Ontario Teachers’ Pension Plan invested $75 million in the company.
, it is “becoming harder to trust that crypto’s future looks anything close to its thriving past, with interest rates higher, crypto prices hovering around multiyear lows and FTX customers wondering whether they will ever get their money back.” The price of Bitcoin has dropped 25 percent after FTX folded, the paper pointed out.
Another regulatory agency, the Consumer Financial Protection Bureau , gave a preview of the pain that will likely emerge as bankruptcy proceedings advance. On November 10, the agencyon the uptick in complaints with CFPB officials about cryptocurrency, which has accompanied the industry’s growth in recent years.
In a footnote, the bureau also cited letters sent to bankruptcy judges by those who lost money in the companies. The testimonies detail anxiety, despair, unpaid bills and thoughts of self-harm. In a separate footnote, officials also flagged how in August, the FDIC sent a cease-and-desist letter to FTX saying the company had similarly been falsely representing its accounts as being insured by the federal government.
Stories about the FTX downfall are also likely to surface soon on the CFPB’s public complaint database, which publishes filings 15 days after giving the subject of the complaint an opportunity to respond. If the company doesn’t respond, the agency doesn’t publish the complaints, but it does pass them onto the Federal Trade Commission, which investigates deceptive commercial practices.
But, unfortunately for those with money stuck in FTX, the safety and soundness of the financial system isn’t the responsibility of’s editors. Nor is it the responsibility of the individuals looking for a return on their meager savings in a world currently marred by a cost-of-living crisis. It’s the duty of regulators and lawmakers, both Democrats and Republicans, who have chosen, once again, to sacrifice working-class people on the altar of capital accumulation.
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