FTX bankruptcy judge rejects call for new investigation into crypto exchange's collapse

FILE PHOTO: The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello

(Reuters) -A U.S. bankruptcy judge on Wednesday denied calls for a new, independent probe into FTX's collapse, saying that it would be redundant to other investigations being carried out by the crypto exchange's new management and law enforcement.

U.S. Bankruptcy Judge John Dorsey rejected the U.S. Department of Justice's request for an independent examiner at a hearing on Wednesday in Wilmington, Delaware, noting the proposed investigation would likely cost more than $100 million and undermine FTX's goal of "returning value to creditors."