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Bankman-Fried says he will testify before U.S. House committee

Jimmy Khan

Dec 05, 2022 15:28

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Sam Bankman-Fried, the founder of FTX, announced on Twitter on Sunday that he would appear before the House Financial Services Committee once he had "learned and reviewed" the circumstances surrounding his cryptocurrency exchange's spectacular collapse.


As part of its investigation into the demise of FTX, the U.S. House Financial Services Committee intends to hold a hearing in December. Participants are expected to testify, including founder and CEO Bankman-Fried.


Bankman-Fried was invited by Committee Chair Maxine Waters last week to take part in the panel's hearing on December 13.


The founder and former CEO of FTX replied to Waters, saying, "Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain."


Bankman-Fried added that he wasn't certain whether that would occur prior to December 13.

After his company's collapse stunned investors and left creditors facing losses totaling billions of dollars, he rejected claims of fraud in several interviews last week.


After a week in which a potential merger with rival cryptocurrency exchange Binance fell through, Bankman-Fried was accused of diverting customer deposits to FTX's associated trading firm Alameda Research, and the exchange saw withdrawals of about $6 billion in just 72 hours, FTX declared bankruptcy in November.


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