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

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

3 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

5 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

6 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

9 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

9 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

9 hours ago