Disgraced FTX founder Sam Bankman-Fried has formally been added as a witness for this week’s Congressional listening to on the crypto alternate’s disintegration.
In response to 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 firms, failing to correctly handle threat, 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 data you will have to date is ample for testimony.
As you realize, the collapse of FTX has harmed over a million individuals. Your testimony wouldn’t solely be significant to Members of Congress, however can also be important to the American individuals.
It’s crucial that you just attend our listening to on the thirteenth, and we’re prepared to schedule continued hearings if there’s extra data to be shared later.”
Nevertheless, Bankman-Fried says he will probably be limited in what he can say throughout his testimony as a result of not gaining access to the mandatory knowledge.
“I nonetheless should not have 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 prepared to testify on the thirteenth.”
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Featured Picture: Shutterstock/terng99/Nikelser Kate
