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FTX founder says he will testify before US House committee

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Bankman-Fried added that he was unsure if the testimony would take place before Dec. 13 (Image: Bloomberg)

Sam Bankman-Fried, founder of FTXtweeted on Sunday that he will testify before the Financial Services Committee of the Chamber of Deputies From United States, after finishing “learning and reviewing” the events that led to the collapse of its cryptocurrency platform.

The US House committee plans to hold a hearing this month to investigate the FTX collapse and looks forward to hearing from the companies and individuals involved, including Bankman-Fried.

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Committee Chair Maxine Waters last week invited Bankman-Fried to join a panel at the Dec. 13 hearing.

“After learning and reviewing what happened, I felt it was my duty to appear before the committee and explain,” the founder and former chief executive of FTX wrote in response to Waters.

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Bankman-Fried added that he was unsure whether the testimony would take place before Dec. 13.

In a series of interviews last week, he dismissed suggestions of fraud as the company’s collapse stunned investors and left clients with billions of dollars in losses.

FTX filed for bankruptcy protection in November after a week in which a potential business combination with rival Binance failed, Bankman-Fried was accused of funneling customer deposits to an FTX-affiliated company and the exchange experienced withdrawals of around of 6 billion dollars in just 72 hours.

Source: Moneytimes

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