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Market Analysis Report (05 Dec 2022)

Date:

The founder and former CEO of collapsed cryptocurrency exchange FTX, Sam Bankman-Fried, has deferred testifying before the United States Congress, saying he would appear before the US House Committee on Financial Services after he “finished learning and reviewing” the events that led to the collapse.

On Twitter, Bankman-Fried wrote that once he finished doing so, he would “feel like” it was his duty to “appear before the committee and explain.” He added: “I’m not sure that will happen by the 13th.  But when it does, I will testify.”

The former CEO’s comments came in response to a tweet from Maxine Waters, the Democratic congresswoman who chairs the committee, who invited him to appear at a hearing to examine FTX’s collapse.

The US House Financial Services is set to hear from companies and individuals involved in the collapse, which saw FTX freeze customer withdrawals and reveal that it relied on illiquid assets and its FTT token, on November13.

Bankman-Fried has said he “made a lot of mistakes” in his handling of the cryptocurrency exchange and that he didn’t “knowingly commingle funds” from FTX’s users with those of quant trading firm Alameda Research. FTX owes over $3 billion to its largest creditors.

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