FTX: Sam Bankman-Fried agrees to testify before the U.S. Congress

The co-founder of collapsed crypto-currency exchange FTX, Sam Bankman-Fried (SBF), has agreed to testify at one of two congressional hearings scheduled for next week. “I had envisioned myself as a model CEO who wouldn’t get lazy or disconnected“, said Sam Bankman-Fried.

Sam Bankman-Fried to testify before Congress

Former FTX CEO Sam Bankman-Fried (SBF) has agreed to testify before the House Financial Services Committee after the committee’s chairwoman, Rep. Maxine Waters, politely invited him to testify several times 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. https://t.co/KR34BsNaG1

– SBF (@SBF_FTX) December 9, 2022

“I still don’t have access to much of my data – professional or personal. So there’s a limit to what I’ll be able to say, and I won’t be as helpful as I’d like. But because the commission still thinks it would be helpful, I’m willing to testify on 13“, tweeted Sam Bankman-Fried.

2) I will try to be helpful during the hearing, and to shed what light I can on:

-FTX US’s solvency and American customers

-Pathways that could return value to users internationally

-What I think led to the crash

-My own failings

– SBF (@SBF_FTX) December 9, 2022

“I will try to be helpful during the hearing, and shed light on the creditworthiness of FTX US and US customers, the avenues that could return value to international users, which I believe led to the crash, [et] my own failures“, he detailed in a follow-up tweet, elaborating:

I had thought I was a model CEO, who wouldn’t get lazy or disconnected, which made things even more destructive when I did. I’m sorry. I hope people can learn from the difference between who I was and who I could have been.

Another congressional hearing is scheduled for Wednesday, December 14. U.S. Senator Sherrod Brown (D-Ohio), chairman of the Banking, Housing and Urban Affairs Committee, sent a letter to Sam Bankman-Fried last week asking him to testify. As of this writing, the former FTX CEO has not agreed to testify before the Senate committee.

3) I had thought of myself as a model CEO, who wouldn’t become lazy or disconnected.

Which made it that much more destructive when I did.

I’m sorry. Hopefully people can learn from the difference between who I was and who I could have been.

– SBF (@SBF_FTX) December 9, 2022

FTX filed for bankruptcy on November 11 and Bankman-Fried stepped down as CEO. The company is currently under investigation for various charges, including mismanagement of client funds. FTX’s new CEO, John Ray, told the bankruptcy court, “Never in my career have I seen such a complete failure of corporate controls and such a complete lack of reliable financial information as what has happened here.“