Commoney Wise
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
  • Login
  • Register

  Breaking
Umesh Revankar Of Shriram Finance Speaks On Steady Q3FY23 Performance | Business News February 8, 2023
Missouri man who killed 4 executed despite innocence claims February 8, 2023
Pelosi says this is the real reason GOP members were heckling Biden February 8, 2023
Coinbase Insider Trading Scandal Rocks Crypto Community – Former Employee Pleads Guilty February 8, 2023
Maersk forecasts plunge in profits as container shipping boom ends February 8, 2023
Next
Prev

en English
en Englishes Españolde Deutschfr Françaisit Italianopt Portuguêsru Русскийzh-CN 简体中文hi हिन्दीja 日本語
Casino
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos
No Result
View All Result
Commoney Wise
Casino
  • News
  • Politics
  • Business
  • Economy
  • Finance
  • Investing
  • Markets
  • Crypto
  • Tech
  • Videos
Home Economy

FTX founder Sam Bankman-Fried agrees to testify before House

Staff by Staff
December 11, 2022
in Economy
0 0
A A
0

FTX founder Sam Bankman-Fried has agreed to testify before the House Financial Services Committee at a hearing about the crypto exchange’s collapse on Tuesday, he said in a series of tweets Friday morning.

There’s been a lot of back and forth in Washington over whether lawmakers would have to subpoena Bankman-Fried, who said he would voluntarily testify since the committee “still thinks it would be useful.” It was unclear whether he would show up on Capitol Hill in person or stay in the Bahamas where he’s been holed up for much of the time since his company filed for bankruptcy last month, holding interviews with reporters.

In his tweet thread, the disgraced former “darling” of crypto appeared to lay blame on Binance founder Changpeng “CZ” Zhao.

The ex-CEO of FTX has been on a media blitz the last month talking about the implosion of his crypto empire, but this will be the first time the public has the chance to hear from SBF under oath.

Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022.

Sarah Silbiger | Bloomberg | Getty Images

Bankman-Fried wrote that he still did not have access to much of his data, professional or personal, so there was a “limit” to what he would be able to say.

“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,” continued the post.

Bankman-Fried used his tweet thread to antagonize Binance boss Zhao, claiming that he had “won,” and that the restrictions that Zhao wanted to impose as part of Binance’s aborted bailout were excessively onerous.

Bankman-Fried didn’t think there were any winners, he said in a tweet.

“Seeing how CZ talks, I’m pretty sure he does,” Bankman-Fried continued.

“Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members,” Zhao wrote in a Twitter thread.

In the days leading up to FTX’s collapse, Zhao was heralded as a potential savior for the exchange. FTX was once considered to be the most stable and reliable crypto exchange in the industry, but an article from CoinDesk revealed an alarming concentration of self-issued FTT tokens being used as collateral for billions in loans for Alameda Research, Bankman-Fried’s crypto hedge fund. The article, paired with Alameda CEO Caroline Ellison’s tweet activity, sent FTX into a liquidity crisis.

Bankman-Fried was responding to a series of tweets posted by Zhao about why Binance walked out on the potential acquisition offer. When Binance stepped away, FTX fell into freefall, ultimately filing for bankruptcy protection shortly after.

Zhao torched Bankman-Fried for rampant spending on vanity projects from marketing to “mansions.” He was responding to a Thursday morning appearance by CNBC contributor Kevin O’Leary on “Squawk Box.”

O’Leary had said that he lost his entire $15 million payday and was embarrassed at his lack of due diligence.

Bankman-Fried has played coy with lawmakers, despite a threat to subpoena him from the Senate Finance Committee this week and repeated demands from House Financial Services Chair Maxine Waters, D-Calif., to testify under oath at that panel’s hearing.

Investors and regulators have been seeking answers from Bankman-Fried for some time now. Despite several highly publicized media and Twitter spaces appearances, the former billionaire has revealed little about the chaotic final days at FTX.

A growing number of investors and pundits believe that the only place Bankman-Fried should be is in prison. Legal experts CNBC spoke with say that his sentence could hypothetically run for his entire life, if convicted.

Before Bankman-Fried agreed to testify, CNBC reported that Waters was not planning to subpoena the ex-billionaire. Waters pushed back, claiming a subpoena was “absolutely” on the table.



Read the full article here

ShareTweetSharePinShareSendShare
https://www.madmoneycasino.com/?faff=667&sub=DemCasino

Related Articles

Economy

SocGen earnings Q4 2022

February 8, 2023
Economy

Stocks moving big after hours: CMG, ENPH, FTNT

February 7, 2023
Economy

Chipotle Mexican Grill (CMG) earnings Q4 2022

February 7, 2023
Economy

Microsoft announces new A.I.-powered Bing homepage that you can chat with

February 7, 2023
Economy

Wholesale egg prices have ‘collapsed’ from record highs in December

February 7, 2023
Economy

New photos show the U.S. Navy recovering downed aircraft off U.S. coast

February 7, 2023
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Commoney Wise

Commoney Wise is your one stop news website for the latest finance, business and crypto news, follow us to get the news that matters to your minute by minute.

Our Other Brands Kronosslott, Commoneywise, Demcasino.de, SportsExtremes.tv, Slotgamesusawwr, Coin Desk Times, Kingsofgolf.be

Topics

Business Commodities Crypto Economy Finance Forex Futures Investing Markets News Politics Stocks Tech Videos

Get Informed

The most important world news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • Privacy
  • Terms
  • Press
  • Advertise
  • Contact

© 2022 Commoney Wise. All Rights Reserved.

No Result
View All Result
  • News
  • Politics
  • Business
  • Finance
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Futures
    • Forex
  • Crypto
  • Price Index
    • Stocks
    • Cryptocurrency
    • Commodities
    • Forex
  • Videos

© 2022 Commoney Wise. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.