FTX committed 'old fashioned embezzlement,' CEO tells lawmakers in blistering hearing

The House Financial Services Committee held a hearing Tuesday on the collapse of cryptocurrency exchange FTX following the Monday night arrest of founder Sam Bankman-Fried in the Bahamas as U.S. regulators released a slew of civil and criminal charges against the one-time billionaire.The Justice Department and Bahamian authorities said Bankman-Fried, who was previously scheduled to testify before the panel, was arrested based on an indictment in the U.S. that was unsealed shortly after the hearing started.The U.S. Attorneys Office for the Southern District of New York charged the disgraced crypto executive with eight criminal counts: conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering and conspiracy to avoid campaign finance regulations.