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Singapore\u2019s prime minister and deputy prime minister will appear before the country\u2019s lawmakers as authorities worldwide launch probes following FTX\u2019s wipeout earlier in November 2022. Bloomberg<\/a> reported that Prime Minister Lee Hsien Loong and Deputy Prime Minster Lawrence Wong were scheduled to speak with lawmakers at a parliamentary hearing later this week. <\/p>\n\n\n\n Lawmakers also asked the state-funded venture firm Temasek to report on its due diligence as the company invest $275 million in the cryptocurrency exchange. The firm wrote off its investment after engaging<\/a> FTX in talks as a shareholder. <\/p>\n\n\n\n Indeed, authorities are on high alert in a bid to protect retail investors from spreading contagion. Local investors already saw their portfolios wind down back in May after Terra\u2019s $40 billion implosion.<\/p>\n\n\n\n U.S. agencies like the CFTC and SEC were also deliberating crypto regulations and how to standardize the digital asset industry. Notably, Sam Bankman-Fried lobbied for seemingly \u201canti-DeFi\u201d and was regarded as the face of crypto in Washington DC.<\/p>\n\n\n\n Sam Bankman-Fried\u2019s exchange tumbled after CoinDesk exposed holes in Alameda\u2019s balance sheet on November 2, 2022. A myriad of fraudulent management and questionable accounting was further exposed in the days that followed.<\/p>\n\n\n\n The crypto exchange was forced into bankruptcy after pausing withdrawals and a multi-billion dollar \u201cliquidity crunch\u201d.<\/p>\n\n\n\nThe fallout from FTX continues <\/h2>\n\n\n\n