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Today, Senators Warren (D.MA) and Whitehouse(D.RI) requested that
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The U.S. Department of Justice DOJ "hold FTX's executives responsible to the fullest extent of the law."
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Senators urged DOJ to concentrate its investigation on how FTX harmed customers.
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Warren and Whitehouse claimed FTX deceived customers via celebrity endorsements
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And that Sam-Bankman Fried, former CEO of FTX, downplayed liquidity concerns after users realized that they couldn't withdraw their funds.
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Warren and Whitehouse concluded that FTX's collapse was not due to sloppy business practices or management,
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But rather an intentional and fraudulent strategy used by [FTX executives] to enrich themselves."
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They estimated that FTX's debt discharge could be $8 billion and that it may owe one million customers, including middle-class and working retail investors.
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The letter stated that the Department should center the 'flesh and blood victims' it finds.
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It should also prosecute those responsible for their harm if necessary.
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