FTX Founder Sam Bankman-Fried Publicly Refuses to Testify in US House Committee – Here’s What Happened

Sam Bankman-Fried, former CEO and founding father of collapsed crypto alternate FTX, has publicly advised that he may not appear in the approaching U.S. House committee’s hearing to testify on the crumble of his crypto empire.

In a tweet to the Financial Services Committee Chair Maxine Waters and the committee, Bankman-Fried said he is nevertheless now not finished with “studying and reviewing what took place,” for that reason he might not be prepared to take part within the hearing.The declaration came in response to a tweet via Current Chair and Congresswoman Maxine Waters and the committee that requested him to appear inside the listening to on December 13 and communicate approximately the fall apart of FTX. As suggested, the USA House Financial Services Committee introduced remaining month that it plans to hold a hearing to investigate the crumble of the crypto alternate FTX. The committee stated they expected to listen from the businesses and individuals involved, along with FTX founder Sam Bankman-Fried, Alameda Research, Binance, and more.

At the time, Waters said that the crumble of FTX harm over a million users, many of whom have been retail investors who invested their “hard-earned” savings into the platform, simplest to watch all of it disappear inside a matter of seconds.”Unfortunately, this occasion is just one out of many examples of cryptocurrency structures which have collapsed just this past 12 months,” she added. “[I] understand that we need legislative motion to ensure that digital assets entities can not perform within the shadows outside of strong federal oversight and clear policies of the road.”

Lawmakers’ lack of seriousness of their probe into FTX and its leaders has attracted the ire of crypto community participants who agree with that Bankman-Fried, who has allegedly misappropriated billions of bucks from clients, is getting away with one in every of the most important frauds in history with little to no scrutiny.Notably, there have been speculations that SBF should have donated as a good deal as $1 billion to Democrats. As consistent with to be had information, SBF become the second one biggest donor to the Democratic Party, after billionaire George Soros, inside the 2021-2022 election cycle, donating $39,884,256 to Democrats.

Will Manidis, cofounder and the CEO of ScienceIO, has even referred to the donations as a purpose why SBF isn’t underneath regulatory scrutiny. In a latest tweet, he stated Bankman-Fried did “one of the maximum ROI trades of all time” through donating $forty million and no longer going to jail for stealing over $10 billion in user price range.

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