Sam Bankman-Fried, the former CEO of FTX, stated on Sunday that he will not testify at the upcoming U.S. House committee hearing on the collapse of his crypto exchange because he is still “learning and reviewing what happened.”
Bankman-Fried, who has been accused of misappropriating customer funds, suggested in a tweet to Financial Services Committee Chair Maxine Waters and the committee that he will testify later. The US House Financial Services Committee announced last month that it will hold a hearing in December to investigate the collapse of the crypto exchange FTX. Which was one of the world’s largest prior to its implosion.
The committee stated that it anticipates hearing from the companies and individuals involved, including FTX founder Bankman-Fried, Alameda Research, and Binance. Waters announced earlier this month that the hearing would be held on December 13.
The slow pace of the US government’s investigation into FTX and its leaders has frustrated many entrepreneurs and crypto investors. Who believes that Bankman-Fried, one that involved customers—while receiving little to no scrutiny.
The move comes after Bankman-Fried, gave a series of interviews to media outlets and on Crypto Twitter. Where he claimed that he did not have enough knowledge about the loans FTX financed to affiliated trading firm Alameda-Research.
According to Reuters, Bankman-Fried secretly transferred $10 billion in FTX client funds to Alameda Research. According to Bankman-Fried, the funds were transferred due to a misreading of the “confusing internal labeling.”
FTX declared bankruptcy last month, and its CEO stepped down.