Sam Bankman-Fried, FTX’s former CEO, has indicated he is “willing” to appear before the appropriate US authorities on December 13 to testify.
He promised to explain more about what went wrong at his exchange and where he went wrong as a leader. In addition, he will discuss the primary causes of the accident and what he may have done differently to avert it.
The transformation from “model CEO” to “lazy or disconnected” was something he blamed himself for.
Earlier, the US House Committee on Financial Services stated that the FTX problem caused a massive number of investors’ loss, and they have demanded Bankman-Fried to appear on the matter on December 13.
The ex-CEO opted to testify after engaging in a Twitter conversation with the committee’s chair Rep Maxine Waters. However, the scope of his disclosure is necessarily limited by the fact that he cannot access all of his data.
However, the scope of his disclosure is necessarily limited by the fact that he cannot access all of his data. He tweeted:
“But as the committee still thinks it would be useful, I am willing to testify on the 13th.”
SBF has promised to be “helpful” during the hearing and to bring more clarity to key difficulties, such as FTX US’ solvency and what American and worldwide users should do to reclaim their lost funds.
SBF also stated that they will be present to answer any questions that may arise. There’s a chance that his appearance on Tuesday will feature a public confrontation with John J. Ray III, the CEO of FTX currently supervising bankruptcy proceedings.
In regards to SBF’s “erratic and misleading public statements” regarding FTX, Ray has not held back. He expressed: “Never in my career have
I seen such a severe collapse of corporate controls and such a complete absence of trustworthy financial information as transpired here.”
FTX Founder Appear In Texas
Meanwhile, SBF has been asked to appear before a Texas regulator on February 2 to answer allegations of selling of unregistered securities products through its yield-bearing service.