FTX Co-Founder Sam Bankman-Fried Agrees to Testify Before US Congress – Sam Bankman-Fried (SBF) has agreed to testify before the House Committee on Financial Services after the committee head, Congresswoman Maxine Waters, consistently invited him to do so via Twitter. “I still do not have access to much of my data — professional or personal. So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like. But as the committee still thinks it would be useful, I am willing to testify on the 13th,” Bankman-Fried tweeted to Rep. Waters Friday.
“I will try to be helpful during the hearing, and to shed what light I can on FTX US’s solvency and American customers, pathways that could return value to users internationally, what I think led to the crash, and my own failings,” he detailed in a follow-up tweet, elaborating: “I had thought of myself as a model CEO, who wouldn’t become lazy or disconnected, which made it that much more destructive when I did. I’m sorry. Hopefully people can learn from the difference between who I was and who I could have been.”
The next congressional hearing is scheduled for Wednesday, December 14. Senator Sherrod Brown (D-Ohio), chair of the Committee on Banking, Housing, and Urban Affairs, requested Bankman-Fried to testify in a letter sent last week. On November 11, FTX filed for bankruptcy, and Bankman-Fried resigned as CEO. The company is currently under investigation for multiple accusations, including mismanagement of customer funds. John Ray, the new CEO of FTX, told the bankruptcy court, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
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