by FTX investor Evan Luthra joins The Evening Edit to share his reaction to Sam Bankman-Fried’s interview with The New York Times.
FTX founder Sam Bankman-Fried said Sunday he would testify before the House Financial Services Committee, but indicated he might not be ready until a scheduled hearing on Dec. 13.
“Rep. Waters and the House Financial Services Committee: Once I’m done studying and reviewing what happened, I would feel it was my duty to appear before the committee and explain it. Not sure if that will happen by the 13th. But when the time comes I will testify,” Bankman-Fried tweeted Sunday afternoon.
FTX, the once $32 billion cryptocurrency exchange founded by Bankman-Fried, filed for bankruptcy last month. John Ray III, who had assumed the position of CEO at FTX after Bankman-Fried’s resignation, wrote in the bankruptcy filings that the company was “in the hands of a very small group of inexperienced, inexperienced and potentially compromised individuals” due to the ” complete failure of corporate controls.”
Andrew Ross Sorkin and Sam Bankman-Fried onstage at the 2022 New York Times DealBook on November 30, 2022 in New York City. (Thos Robinson/Getty Images for The New York Times/Getty Images)
Bankman-Fried began a series of media appearances this week to shrug off blame for the collapse of his crypto empire and deny any willful wrongdoing.
“Look, I’ve had a bad month, but that’s not the point here,” Bankman-Fried said at Wednesday’s DealBook Summit, noting that he wants customers to be “fully sane.”
FTX FOUNDER SAM BANKMAN-FRIED IS LEADING WITH A CLASS ACTION ALSO NAMED BRADY, BUNDCHEN, SHAQ, CURRY
Rep. Maxine Waters, D-Calif., the chair of the House Financial Services Committee, scheduled a Dec. 13 hearing on the FTX collapse.
“We appreciate you being open in your discussions about what happened [FTX]’ Waters tweeted at Bankman-Fried on Friday. “Your willingness to speak to the public will help the company’s customers, investors and others. To that end, we would welcome your attendance at our hearing on the 13th.”
Sam Bankman-Fried, Founder and Former Chief Executive Officer of FTX Cryptocurrency Derivatives Exchange, speaks during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, United States, on Wednesday, August 17, 2022. (Jeenah Moon/Bloomberg via Getty Images/Getty Images)
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Bankmann-Fried nearly $38 million donated in 2021 and 2022 to various candidates and PACs, mostly Democratic candidates and left-wing groups, according to Federal Election Commission filings.
Bankman-Fried did not immediately respond to a request for comment on Sunday.
Timothy Nerozzi and Eric Revell of FOX Business contributed to this report.
