Sam Bankman-Fried, the creator of FTX, said on Twitter on Sunday that he planned to appear before the House Financial Services Committee once he had “learned and reviewed” the circumstances surrounding his cryptocurrency exchange's stunning failure.
As part of its investigation into the demise of FTX, the U.S. House Financial Services Committee intends to stage a hearing in December. Participants are expected to testify, namely founder and CEO Bankman-Fried. Bankman-Fried was asked by Committee Chair Maxine Waters this week to take part in the panel's meeting on December 13.
“Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,” In response to Waters, the founder and previous CEO of FTX wrote.
Bankman-Fried said that he wasn't certain whether it would occur prior to December 13.
In a variety of interviews done last week following his firm's failure, which surprised shareholders and left debtors facing damages of billions of dollars, he refuted claims of fraud.
After a week in which a potential merged entity with rival cryptocurrency exchange Binance fell through, Bankman-Fried was tried to accuse of diverting customer funds to FTX's associated brokerage firm Alameda Research, and the exchange saw deduction of about $6 billion in just 72 hours, FTX declared bankruptcy in November.
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