Sam Bankman-Fried says he’ll testify next week about FTX Collapse

Embattled FTX co-founder and former CEO Sam Bankman-Fried said today that he will testify before Congress next week. After a Twitter back-and-forth with committee chair Rep. Maxine Waters, he agreed to testify about the crypto exchange’s sudden collapse. “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,” he tweeted this morning. “But as the committee still thinks it would be useful, I am willing to testify on the 13th.” The House Committee on Financial Services will hold a hearing on Tuesday investigating FTX.

His agreement to testify is an about-face from last week when he tweeted that he only would appear after he finished “learning and reviewing” what led to the company’s rapid downfall. Waters replied, “Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony.”

Advertisement

Bankman-Fried’s testimony for the House Committee will likely be remote, according to The Wall Street Journal. Leaders of the Senate Banking Committee, holding a separate FTX hearing next week, have threatened to subpoena him if he doesn’t also agree to appear in front of their panel. But that may be tough to enforce since he lives in the Bahamas.

 

His testimony could include a public showdown with John J. Ray III, FTX’s current CEO overseeing bankruptcy proceedings, who is also testifying Tuesday. Ray hasn’t minced words about Bankman-Fried’s “erratic and misleading public statements” about FTX. “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.”

Advertisement

Bankman-Fried resigned last month after Binance backed out of a deal to buy FTX, citing concerns discovered while conducting due diligence. FTX then filed for Chapter 11 bankruptcy protection, capping off the collapse. The company currently faces more than 100,000 creditors, but that number could expand to over one million.

Hollywood, never an industry to turn down a high-profile downfall story, quickly pounced. Amazon has already greenlit a limited series about FTX helmed by the Russo brothers.

Advertisement
Sola Adeyemo

Recent Posts

Digital Transformation: Maida, Kekere-Ekun Speak At NCC’s Annual Workshop for Judges in Lagos

Welcome Address Delivered at the 2024 Edition of the Judges Workshop at Sheraton Hotel Ikeja,…

2 hours ago

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

3 hours ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

7 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

7 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

7 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

10 hours ago