Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Reviewing Investments in and Takeovers of Banks
As Americans suddenly realized they could not withdraw their funds from Sam Bankman-Fried’s FTX in November 2022, they wondered whether they would ever get their money back. In FTX’s bankruptcy filing was an unusual item: a deposit account held by FTX worth roughly $50 million at Farmington State Bank.