Sam Bankman-Fried, the disgraced former CEO of the cryptocurrency company FTX, will appear before the House Financial Services Committee on December 13 during a hearing titled "Investigating the Collapse of FTX, Part I" to speak about the downfall of his company.
Bankman-Friend posted on Twitter, "1) 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. But as the committee still thinks it would be useful, I am willing to testify on the 13th."
Bloomberg reports that new FTX CEO John J. Ray will also be testifying on the 13th.
Reports have varied, but anywhere between $2 billion to $8 billion of FTX customer funds vanished in early November and then filed for bankruptcy. The advisory firm AlixPartners has been tasked by Ray with tracking the exact number and what happened. FTX was allegedly transferring a large portion of customer funds to Alameda Research in order to cover a gap in that company's funding.
Bankman-Fried is being investigated by the Justice Department for potentially manipulating the market in a way that led two interrelated cryptocurrency companies, TerraUSD and Luna, to collapse in a chain event that eventually led to his own company's downfall. The Securities and Exchange Commission and federal authorities have also been investigating FTX for financial malfeasance, specifically surrounding the FTX-Alameda transfer.
Bankman-Fried had a personal net worth of around $16 billion, but that reportedly shrank by 94 percent when he resigned from his position on November 11. In an unhinged interview for Vox, he blamed his personal downfall and that of his company on his ex-girlfriend Caroline Ellison, the CEO of Alameda Research.Bankman-Fried was the second biggest Democrat donor right after George Soros in the 2021-22 cycle, and making contributions to the Dems that totaled $39.8 million.
On December 5, Democrat Rep. Maxine Waters tweeted, "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."
In a follow up tweet she wrote, "It is imperative that you attend our hearing on the 13th, and we are willing to schedule continued hearings if there is more information to be shared later."
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