FTX founder fails to confirm to testimony request within deadline


Sam Bankman-Fried (SBF) missed the deadline to confirm his appearance in the upcoming Senate Committee hearing over FTX exchange collapse. 

Sam Bankman-Fried (SBF) is the founder & former CEO of the bankrupt crypto exchange FTX. On 12 November, FTX filed for bankruptcy in a US bankruptcy court under the chapter 11 code along with its more than 100 affiliated companies. The main reason behind the downfall of the FTX exchange was the mismanagement of the customers’ funds spent for affiliated companies.

Around a week ago, The United States House Committee on Financial Services informed SBF that he was invited to the upcoming hearing over the FTX exchange bankruptcy. 

“@SBF_FTX, we appreciate that you’ve been candid in your discussions about what happened at #FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.”

FTX founder responded and said that he will first study the whole thing about the FTX exchange’s collapse and after that, he will be able to appear in any kind of hearing. 

Indirectly, SBF refused to appear. The last day to confirm whether he will appear in the hearing or not was Thursday at 5 pm ET on 8 December but SBF didn’t talk about this officially.

In response to this kind of behaviour,  the ranking member of the Committee Senator Pat Toomey released a dedicated statement against FTX former CEO and suggested that he should appear in the upcoming hearing so that creditors of the bankrupt platform can get better help in this critical situation. 

Toomey also confirmed that if the SBF will not comply with the orders then surely proper legal action will be taken by the government agency.

“The Committee has requested that he testify at our upcoming hearing on FTX’s collapse, and will consider further action if he does not comply.”

The date for the hearing on FTX collapse has been set for 14 December and right now two witnesses have been confirmed to appear which are Washington College of Law Professor Hilary J. Allen, and, Actor and Author Ben McKenzie Schenkkan.

Read also: Investigation against FTX founder SBF over Terra collapse