FTX CEO sets conditions before the hearing

Sam Bankman-Fried (SBF), founder of FTX, said the hearing was only done when "finding out and looking into what happened".

U.S. House lawmakers, including House Financial Services Committee Chair Maxine Waters and Congressman Patrick McHenry of North Carolina, repeatedly called on the former 9x CEO and other FTX executives to testify. On December 2, Ms. Waters said on Twitter: "We appreciate your candid discussion of what's happening at FTX. This is good for our customers, investors and stakeholders. We welcome it. welcome your presence in the 12/13 hearing."

On December 5, Sam Bankman-Fried responded, "I feel it's my duty to appear and explain myself before the investigative committee. But I'm not sure if I'll participate in the December 13 hearing. I need to learn and review what happened. When I'm ready, I'll testify."

Illustration by Sam Bankman-Fried, founder of FTX. Source: Coin Telegraph

Ms. Waters has not yet commented on SBF's response, but the former 9x CEO's statements have caused outrage in the crypto community. Some people think that he is too extravagant to make claims to even legislators. Blogger Zero Hedge, who has 1.5 million followers on Twitter, quips: "It could take me 50 years to fully understand what's in the company I run. So it's probably not until 2089 that I show up first. Congress".

According to Coin Telegraph , many people cite reports of SBF's huge donations as FTX CEO to Democrats, implying those funds helped him get away with fraud and boldly come forward. with legislators. Devin Simonson account implied on Twitter: "If I have to testify, SBF does not need to mention the oath in his house." Billionaire Elon Musk also joined this discussion when he said: "Totally agree, let him be comfortable in the big house and continue to let the 'adults' wait."

Coin Telegraph reported that the crypto community is raising big questions for US lawmakers as they have not taken concrete action against the founder of FTX since the company's collapse. Earlier, CNBC quoted Ms. Waters: "The collapse of FTX caused enormous harm to more than a million users, many of whom spent their life savings investing but all disappeared in seconds. ". Meanwhile, Congressman McHenry also said that Bankman-Fried needs to clarify what happened at FTX as well as to compensate those who suffered. "Users are being neglected," he said.

After FTX filed for bankruptcy on 11/11, former CEO Sam Bankman-Fried posted a series of tweets about what caused the exchange to collapse, then almost disappeared from social networks. On November 30, he appeared at the DealBook event organized by the New York Times . A day later, he participated in a television interview. The message throughout Bankman-Fried throughout the appearances is that the collapse of FTX was caused by careless errors and because he was overconfident rather than deliberately tricking users. He even believes he is not criminally responsible after the disaster.

Commenting on the statements of FTX founder Brian Armstrong, CEO of Coinbase, wrote on Twitter: "Even the most gullible should not believe what Bankman-Fried says."

According to CNBC , according to the US bankruptcy law, the FTX cryptocurrency exchange has more than one million creditors . On November 28, BlockFi , one of the world's largest cryptocurrency lenders, declared bankruptcy due to the FTX exchange crash.

The 'pink ball' behind the FTX disaster 15
FTX's series of violations revealed 100
Once a billionaire, the owner of the FTX exchange only has 100,000 USD left 31
Bankman-Fried believes no criminal responsibility