FTX faces US Justice Department probe

The Department of Justice (DoJ) and the Securities and Exchange Commission (SEC) are working together to investigate FTX’s U.S. subsidiary, The Wall Street Journal reported.

Fellow crypto exchange Binance briefly agreed to acquire the company but walked away from the deal on Wednesday. Shortly thereafter, Bankman-Fried reportedly told investors that FTX needed $8 billion to continue operating, or would risk having to file for bankruptcy.