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Sam Bankman-Fried Officially Added As Witness for This Week’s Congressional Hearing on FTX Implosion

Disgraced FTX founder Sam Bankman-Fried has formally been added as a witness for this week’s Congressional listening to on the crypto trade’s disintegration.

In line with a brand new authorities memo, the previous chief government of the bankrupt crypto agency is being known as forth to testify as a witness in entrance of the Home of Representatives Committee of Monetary Companies at 10 a.m. (EST) on December thirteenth.

Additionally being known as as a witness is John J. Ray III, who took over as CEO of FTX final month after Bankman-Fried resigned.

Ray will testify earlier than Bankman-Fried, who’s accused of mishandling buyer funds by loaning them out to his different corporations, failing to correctly handle danger, and market manipulation.

Earlier this week, Democratic Congresswoman Maxine Waters, the pinnacle of the Committee on Monetary Companies, urged Bankman-Fried to attend the listening to.

“Based mostly in your function as CEO and your media interviews over the previous few weeks, it’s clear to us that the knowledge you could have to this point is enough for testimony.

As you already know, the collapse of FTX has harmed over a million folks. Your testimony wouldn’t solely be significant to Members of Congress, however can be essential to the American folks.

It’s crucial that you simply attend our listening to on the thirteenth, and we’re keen to schedule continued hearings if there may be extra info to be shared later.”

Nevertheless, Bankman-Fried says he might be limited in what he can say throughout his testimony on account of not accessing the required knowledge.

“I nonetheless do not need entry to a lot of my knowledge – skilled or private. So there’s a restrict to what I will say, and I received’t be as useful as I’d like. However because the Committee nonetheless thinks it could be helpful, I’m keen to testify on the thirteenth.”

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Featured Picture: Shutterstock/terng99/Nikelser Kate



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