Attending a television show on Wednesday to discuss the collapse of Bitcoin and altcoin exchange FTX, the Chairman of the CME Group made a shocking statement. Terry Duffy, CME Group executive, said he bribed a Commodity Futures Trading Commission (CTFC) official. Here are the details…
Big blunder from CME Group CEO
Terry Duffy, President of CME Group, recently participated in a television show. FTX crash was discussed in the program. The host of the show, Tucker Carlson, posed some questions to Duffy. First, he asked the whereabouts of SEC chairman Gary Gensler when FTX mismanaged its clients’ funds. Duffy replied as follows:
I don’t know where Gary Gensler is, but the CTFC regulator I bribed – asked the question ‘why are you resorting to the Commodity Exchange Act?’ I said.
Bitcoin and altcoin exchange FTX crashed
It’s possible that Duffy spoke wrongly in the video in question. The situation, however, did not become clear four days after its TV debut. FTX collapsed earlier this month after FTX founder Sam Bankman-Fried allegedly used client funds through trading firm Alameda Research to make risky investment bets. The company later admitted that it did not have a one-to-one reserve of client assets, which resulted in withdrawals being frozen and subsequent bankruptcy filing.
Chicago-based CME Group is the world’s largest financial derivatives exchange. It offers Bitcoin and Ethereum futures – options contracts that allow traders to bet on the future price of the asset with the option to cash out at any time before the contract expires. And it’s looking at adding futures for other top crypto assets.
