Cryptocurrency exchange FTX, whose recent collapse has led to questions about lacking regulatory oversight, has hired a fitting team to help untangle the mess: former senior US regulators.

In its first hearing in Delaware bankruptcy court on 22 November, a lawyer representing FTX said the firm has hired former enforcement chiefs from the US Securities and Exchange Commission and the Commodity Futures Trading Commission, now both partners at law firm Sullivan & Cromwell, to help the company’s new chief executive investigate what went wrong.