Sam Bankman-Fried Officially Added as Witness for This Week’s Congressional Hearing on FTX’s Implosion

Disgraced FTX founder Sam Bankman-Fried has been officially added as a witness for this week’s congressional hearing on the crypto exchange’s disintegration.

According to a new government memo, the former chief executive of the bankrupt crypto firm is scheduled to testify before the House of Representatives Financial Services Committee at 10 a.m. (EST) on December 13.

John J. Ray III, who took over as CEO of FTX last month after Bankman-Fried resigned, is also called to testify.

Ray will testify before Bankman-Fried, who is accused of mismanaging client funds by lending them to his other companies, failing to properly manage risk and manipulating the market.

Earlier this week, Democratic MP Maxine Waters, head of the Financial Services Committee, urged Bankman-Fried to attend the hearing.

“Based on your role as CEO and your interviews with the media over the past few weeks, it is clear to us that the information you have so far is sufficient to testify.

As you know, the collapse of FTX hurt over a million people. Your testimony would not only be meaningful to members of Congress, but also essential to the American people.

It is imperative that you attend our hearing on the 13th, and we are willing to schedule ongoing hearings if there is more information to share later.

However, Bankman-Fried says he will be limit in what he can say during his testimony because he does not have access to the necessary data.

“I still don’t have access to a large part of my data, whether professional or personal. So there’s a limit to what I can say, and I won’t be as helpful as I would like. But as the Committee still thinks it would be helpful, I am willing to testify on the 13th.”

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Featured Image: Shutterstock/terng99/Nikelser Kate

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