{"database": "press", "table": "releases", "rows": [["https://lynch.house.gov/2022/11/rep-lynch-releases-statement-on-ftx-bankruptcy", "Rep. Lynch Releases Statement on FTX Bankruptcy", "2022-11-16", "2022", "2022-11", "Democrat", "House", "MA", "Stephen F. Lynch", "L000562", "lynch.house.gov", "lynch", "https://lynch.house.gov/press-releases", "scraper", "Washington, D.C. - U.S. Representative Stephen F. Lynch, Chairman of the Task Force on Financial Technology, released the following statement in response to cryptocurrency exchange FTX filing for bankruptcy:\n\n\u201cLast week we witnessed the sudden and extraordinary collapse of FTX - one of the world\u2019s largest cryptocurrency exchanges. Despite its $32 billion valuation, FTX failed to maintain adequate cash reserves and ultimately, the company\u2019s inability to honor an estimated $8 billion in emergency customer withdrawal requests precipitated a \u201cbank run\u201d on its assets and rapidly led to its bankruptcy filing. In the wake of FTX\u2019s sharp downfall, Blockfi and SALT, both cryptocurrency lenders, have suspended customer withdrawals and BlockFi is reportedly \u201cmulling\u201d a bankruptcy filing, according to the Wall Street Journal. Destabilizing contagion effects on other cryptocurrency firms are feared to be imminent in a market that has already endured more than $2 trillion in losses over the past year.\n\n\"It has also been reported that between $1 billion to $2 billion in client funds are currently missing after FTX reportedly transferred $10 billion in customer deposits to its digital trading arm, Alameda Research, to engage in risky, highly-leveraged bets. These \u201cvanished\u201d funds presumably include the assets of unbanked consumers and consumers of color who have increasingly adopted cryptocurrency as a means of financial inclusion. Amid the serious questions raised by its business practices, FTX was also recently hacked for at least $400 million \u2013 with the company reporting that it was investigating irregular crypto wallet activity and shifting funds to offline storage.", 1, "2026-03-30T01:40:41Z", "2026-04-08T03:24:37Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://lynch.house.gov/2022/11/rep-lynch-releases-statement-on-ftx-bankruptcy"], "units": {}, "query_ms": 1.4888891018927097, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}