The county, which owns the arena where the Miami Heat play, wants a bankruptcy judge to let it end its $135 million contract with the failed cryptocurrency company so it can find a new sponsor.
At the first hearing in FTX's bankruptcy proceedings, lawyers confirmed that millions of dollars are stolen or missing, and revealed stunning details about the downfall of the once-mighty exchange
Congress, which has been unable to pass comprehensive crypto legislation, is digging into what happened as regulators try to police the new, mysterious world of virtual currencies with old laws.
More than one million people may have lost their money in the spectacular collapse of the cryptocurrency trading firm. Some had big chunks of their life savings disappear into a black hole.
The now-bankrupt cryptocurrency exchange FTX made real money off of its own digital currency, called FTT. That currency is practically worthless now, but investors continue to trade it.
FTX had agreed earlier this week to sell itself to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. The Department of Justice and the SEC are investigating.
