With the help of the Securities and Exchange Commission, the Justice Department is scrutinizing the fallen cryptocurrency exchange FTX after its multibillion-dollar implosion this week, according to The Wall Street Journal. Employees at both agencies were “in close contact” on Wednesday, the newspaper reported, with a tight focus on possible violations of securities laws. The news of a Justice Department probe comes hours after larger exchange Binance very publicly backed out of a non-binding agreement to save FTX, citing in a statement “mishandled customer funds and alleged US agency investigations” as several of its reasons for reneging on the deal. FTX, the world’s third-largest exchange by sheer trading volume, was grown by founder Sam Bankman-Fried into a $32 billion company. But questions about a liquidity crunch sparked a panic that sent the exchange into a death spiral it looks like it will be unable to recover from, with aftershocks reverberating around the market, affecting the value of other currencies like Bitcoin and Ether.