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

Disgraced FTX founder Sam Bankman-Fried has officially been 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 being called forth to testify as a witness in front of the House of Representatives Committee of Financial Services at 10 a.m. (EST) on December 13th.

Also being called as a witness is John J. Ray III, who took over as CEO of FTX last month after Bankman-Fried resigned.

Ray will testify before Bankman-Fried, who is accused of mishandling customer funds by loaning them out to his other companies, failing to properly manage risk, and market manipulation.

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

“Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony.

As you know, the collapse of FTX has harmed over one million people. Your testimony would not only be meaningful to Members of Congress, but is also critical to the American people.

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

However, Bankman-Fried says he will be limited in what he can say during his testimony due to not having access to the necessary data.

“I still do not have access to much of my data – professional or personal. So there is a limit to what I will be able to say, and I won’t be as helpful as I’d like. But as the Committee still thinks it would be useful, I am willing to testify on the 13th.”

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Featured Image: Shutterstock/terng99/Nikelser Kate