The co-founder of collapsed crypto alternate FTX, Sam Bankman-Fried (SBF), has agreed to testify at one of many two congressional hearings set for subsequent week. “I had considered myself as a mannequin CEO, who wouldn’t change into lazy or disconnected,” Bankman-Fried claimed.
Sam Bankman-Fried to Testify Earlier than Congress
Former FTX CEO Sam Bankman-Fried (SBF) has agreed to testify earlier than the Home Committee on Monetary Companies after the committee’s chair, Congresswoman Maxine Waters, politely tweeted inviting him to testify a number of instances.
“I nonetheless should not have entry to a lot of my knowledge — skilled or private. So there’s a restrict to what I can say, and I received’t be as useful as I’d like. However because the committee nonetheless thinks it might be helpful, I’m prepared to testify on the thirteenth,” Bankman-Fried tweeted to Rep. Waters Friday.
“I’ll attempt to be useful throughout the listening to, and to shed what mild I can on FTX US’s solvency and American clients, pathways that would return worth to customers internationally, what I believe led to the crash, [and] my very own failings,” he detailed in a follow-up tweet, elaborating:
I had considered myself as a mannequin CEO, who wouldn’t change into lazy or disconnected, which made it that rather more harmful after I did. I’m sorry. Hopefully folks can study from the distinction between who I used to be and who I may have been.
One other congressional listening to is about for Wednesday, Dec. 14. U.S. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing, and City Affairs, despatched a letter to Bankman-Fried final week requesting him to testify. On the time of writing, the previous FTX CEO has not agreed to testify earlier than the Senate committee.
FTX filed for chapter on Nov. 11 and Bankman-Fried stepped down because the CEO. The corporate is now being investigated for varied costs, together with mishandling buyer funds. FTX’s new CEO, John Ray, informed the chapter courtroom: “By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary data as occurred right here.”
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