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Washington, US
The FTX CEO and founder Sam Bankman-Fried took to Twitter on Sunday and said that he would testify before the United States House Financial Services Committee after he is done âlearning and reviewingâ the collapse of his cryptocurrency exchange platform. This comes after the committee said that it plans to hold a public hearing this month to investigate the collapse of FTX.
The FTX founder was responding to the Committee Chair Maxine Waters who had also taken to the microblogging platform last week and asked Bankman-Fried to participate in the panel's hearing scheduled for December 13.
âOnce I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,â said Bankman-Fried in response to the committee chairâs invitation.
Rep. Waters, and the House Committee on Financial Services:
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt
â SBF (@SBF_FTX) December 4, 2022
âI'm deeply sorry about what happened. Clearly, I made a lot of mistakes or things I would be able to give anything to be able to do over again,â said the FTX founder at the 'Deadlock conference' hosted by CNBC News and The New York Times, speaking via video call, earlier this month. He also said that he didn't knowingly behave fraudulently.
ALSO READ | Cryptocurrency lender BlockFi files for bankruptcy; FTX fallout rattles crypto industry
Two individuals familiar with the matter said Bankman-Fried secretly transferred $10 billion in client money to affiliated trading firm Alameda Research, causing a liquidity crunch at the FTX. He has since told Reuters that did not move the money or run the research firm.
ALSO READ | Former FTX CEO Sam Bankman-Fried apologises for his 'mistakes,' says didn't knowingly commit fraud
However, following the reports of the alleged incident prompted traders to pull $6 billion from the platform within three days while Binance, a rival exchange platform, declined to sign a rescue deal which led FTX to file for bankruptcy in November.
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