April 25, 2024

Benjamin Better

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Sam Bankman-Fried says he will testify to Congress about FTX collapse next week

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has agreed to testify to Congress subsequent the collapse of his crypto trade.

In a tweet, Bankman-Fried announced that we would be ready to testify right before the Property Money Companies Committee following week. The disgraced previous CEO reported that “I nonetheless do not have obtain to a great deal of my data — qualified or own. So there is a restrict to what I will be ready to say, and I will not be as helpful as I’d like. But as the committee nevertheless thinks it would be valuable, I am keen to testify on the 13th.”

FTX, which was a single of the greatest and most well known cryptocurrency exchanges, out of the blue collapsed past month, leading to popular stress and major financial losses for its prospects. Bankman-Fried, who was functioning the crypto exchange up right up until its collapse, was observed as a hero for the crypto neighborhood until the “run on the bank” about its FTT token.

Soon after consumers rushed to get their income from the exchange, the total organization collapsed. FTX and Alameda Research, the company’s trading business, submitted for Chapter 11 personal bankruptcy on November 11, and Bankman-Fried stepped down as CEO.

The Committee has not nonetheless introduced the particular day or time of Bankman-Fried’s testimony, but it will most likely acquire position next 7 days if Bankman-Fried is accurate to his term. The previous CEO has been on a bit of a press tour since the collapse, appearing at a amount of interviews and functions remotely, so it wouldn’t be surprising to see him clearly show up digitally for the congressional testimony as well.

In the meantime, the investigation into the collapse of FTX carries on, with authorities and marketplace experts doing work to determine the correct trigger and to recognize any opportunity wrongdoing. Most are seeking at the corporation as a fraud circumstance. The final result of the investigation could have sizeable implications for the upcoming of the cryptocurrency field, as very well as for the men and women and corporations associated.

While all of this is occurring, an FTX-centered film is by now in the works, with Michael Lewis bringing his version to Apple Tv Additionally.