Bankman-Fried says he will testify before the US House Committee

Dec. 4 (Reuters) – FTX founder Sam Bankman-Fred tweeted on Sunday that he will testify before the House Financial Services Committee after he finished “learning and reviewing” the events that led to the spectacular crash of the cryptocurrency exchange.

The US House Financial Services Committee plans a hearing in December to investigate the FTX collapse and expects to hear from the companies and individuals involved, including founder and CEO Bankman-Fried.

Committee Chairman Maxine Waters last week invited Bankman-Fried to participate in the committee hearing on Dec. 4. 13.

“Once I have finished learning and reviewing what happened, I will feel it my duty to appear before the committee and explain,” the founder and former CEO of FTX wrote in a response to Waters.

Bankman-Fried added that he was not sure if that would happen before December 4th. 13.

He dismissed suggestions of fraud in a series of interviews last week after the collapse of his company stunned investors and left creditors facing billions of dollars in losses.

FTX declared bankruptcy in November after a week in which a potential merger with rival cryptocurrency trading platform Binance failed, Bankman-Fried was accused of diverting customer deposits to FTX subsidiary Alameda Research, and the exchange saw nearly $6 billion in withdrawals in just 72 months. hours.

Additional reporting by Akriti Sharma in Bengaluru; Editing by Stephen Coates

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