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‘Is it Doggy Coin or Dogey Coin?’: House hearing on FTX collapse kicks off in hilarious fashion

Rep. Ed Perlmutter of Colorado asks a U.S. House hearing on the FTX collapse if it the cryptocurrency Dogecoin is known as "doggy coin." | Courtesy C-SPAN

A U.S.House investigation into crypto firm FTX's collapse started in a hilarious fashion Tuesday morning in Washington, D.C.

Lawmakers started strong, asking the hard-hitting questions.

"Is it Doggy Coin or Dogey Coin?" asked Democratic Colorado Rep. Ed Perlmutter.

The point of the hearing is to probe the failed FTX cryptocurrency exchange, a company created by 30-year-old Bay Area native Sam Bankman-Fried.

Dogecoin—pronounced "dohj koin"—is a type of cryptocurrency created by software engineers Billy Markus and Jackson Palmer. It was created as a joke, bearing the image of a much-memed shiba inu dog.

The House Financial Services Committee is probing the crypto exchange's implosion, following the loss of millions of dollars of investor funds when the firm collapsed in November.

On Tuesday, Bankman-Fried, now known as SBF, was charged with numerous counts of fraud in relation to the collapse of FTX.

SBF was set to appear at the hearing on Tuesday, but was instead arrested Monday in the Bahamas where FTX was based.