SBF Summoned to Congressional Listening to on FTX’s Downfall

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The previous CEO of the FTX, Sam Bankman-Fried, has been formally included as a witness for the Congressional listening to on the collapse of the crypto trade. The listening to will happen on December 13.

SBF to testify at Congressional listening to

A authorities memo has confirmed that Bankman-Fried is being referred to as to testify as a witness earlier than the US Home of Representatives Committee of Monetary Providers. The FTX and Alameda founder can be testifying earlier than US legislatures at 10 a.m. on December 13.

Moreover Bankman-Fried, the opposite witness that has additionally been referred to as to testify is the present CEO of FTX, John J. Ray III, overseeing the agency’s chapter proceedings. Ray’s testimony can be heard earlier than that of Bankman-Fried.

The previous FTX CEO is being accused of mismanaging person funds by loaning them to different of his firms, together with Alameda. Bankman-Fried additionally allegedly did not handle dangers. He’s additionally being investigated for market manipulation.

Final week, Maxine Waters, a Democrat Congresswoman and the top of the Committee of Monetary Providers, urged Bankman-Fried to testify earlier than US legislatures and supply perception into the demise of FTX. Waters famous that Bankman-Fried’s testimony was essential to US prospects affected by the trade’s collapse.

“Based mostly in your position as CEO and your media interviews over the previous few weeks, it’s clear to us that the data you’ve got to this point is adequate for testimony. As , the collapse of FTX has harmed over a million individuals. Your testimony wouldn’t solely be significant to Members of Congress, however can also be essential to the American individuals,” the legislature added.

Bankman-Fried has already agreed to testify earlier than the home. Nonetheless, he has famous that there’s a restrict to what he can reveal in the course of the testimony as a result of he didn’t have entry to most of his private {and professional} knowledge.

Bankman-Fried’s media technique

Bankman-Fried has remained vocal on Twitter and has even gone on a number of interviews because the FTX trade collapsed. With the trade having round a million collectors, some have seen his technique to elucidate his facet of the story as a PR mechanism.

One among his most publicized interviews in latest weeks was on the New York Instances Dealbook Convention. Bankman-Fried was among the many audio system on the convention, denying that he had engaged in fraud. He has repeatedly stated he would do proper by the trade’s prospects.

Nevertheless, his media technique shouldn’t be being taken positively by everybody. The CEO of Binance, Changpeng Zhao, lately stated that Bankman-Fried was the best fraudsters in historical past. The 2 additionally lately engaged in an internet altercation on claims that Binance had precipitated the financial institution run on FTX.

Final week, Bankman-Fried additionally appeared to help the thought of launching a brand new FTT token that will be used to reimburse the trade’s prospects. He urged that the crew at present in command of FTX discover this feature. Nevertheless, the crypto group on Twitter appeared to disagree with such plans.


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