{"id":524456,"date":"2022-12-09T20:22:43","date_gmt":"2022-12-09T17:22:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftxs-sam-bankman-fried-says-he-will-testify-to-congress\/"},"modified":"2022-12-09T20:22:43","modified_gmt":"2022-12-09T17:22:43","slug":"ftxs-sam-bankman-fried-says-he-will-testify-to-congress","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftxs-sam-bankman-fried-says-he-will-testify-to-congress\/","title":{"rendered":"#FTX&#8217;s Sam Bankman-Fried says he will testify to Congress"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3874929893a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3874929893a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftxs-sam-bankman-fried-says-he-will-testify-to-congress\/#%E2%80%9CFTXs_Sam_Bankman-Fried_says_he_will_testify_to_Congress%E2%80%9D\" >&#8220;FTX&#8217;s Sam Bankman-Fried says he will testify to Congress&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CFTXs_Sam_Bankman-Fried_says_he_will_testify_to_Congress%E2%80%9D\"><\/span>&#8220;FTX&#8217;s Sam Bankman-Fried says he will testify to Congress&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The\u00a0former CEO of the failed cryptocurrency exchange FTX\u00a0said in a tweet Friday that he is willing to testify to Congress next week, but that he will be limited in what he can say and that he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1601186246990401537\">\u201cwon\u2019t be as helpful\u201d as he\u2019d like to be<\/a>.<\/p>\n<p>The tweet came in response to several tweets earlier this month from House Financial Services Committee Chair Maxine Waters, who had requested that Sam Bankman-Fried attend next week\u2019s hearings\u00a0over the collapse of FTX.<\/p>\n<p>Waters, a California Democrat, said in a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepMaxineWaters\/status\/1599858166359068676\">series of tweets to Bankman-Fried<\/a> that based on multiple <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> interviews since FTX collapsed, it was \u201cclear to us that the information you have thus far is sufficient for testimony.\u201d<\/p>\n<p>FTX failed last month\u00a0in what was essentially a cryptocurrency version of a bank run, when customers tried to withdraw their assets all at once because of growing doubts about the financial strength of the company and its affiliated trading arm, Alameda Research. Since its collapse, FTX\u2019s new management has called the cryptocurrency exchange\u2019s management a \u201c\u00a0complete failure of corporate controls.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/bankman-fried-congress.jpg?w=1024\" alt=\"Sam Bankman-Fried\" class=\"wp-image-24956214\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/bankman-fried-congress.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/bankman-fried-congress.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/bankman-fried-congress.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sam Bankman-Fried has said that he takes responsibility for FTX\u2019s collapse.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Bankman-Fried has admitted his own failures in preventing the collapse.<\/p>\n<p>In a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of tweets to Waters, Bankman-Fried listed specific issues he would be able to discuss with the committee, including the solvency of FTX\u2019s US business, its American customers and possible solutions for returning assets to international clients. He also said he could talk about what he thinks\u00a0led to the crash\u00a0and \u201cmy own failings.\u201d<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2) I will try to be helpful during the hearing, and to shed what light I can on:<\/p>\n<p>\u2013FTX US&#8217;s solvency and American customers<\/p>\n<p>\u2013Pathways that could return value to users internationally<\/p>\n<p>\u2013What I think led to the crash<\/p>\n<p>\u2013My own failings<\/p>\n<p>\u2014 SBF (@SBF_FTX) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1601186249750245378?ref_src=twsrc%5Etfw\">December 9, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<p>Bankman-Fried has said that he takes responsibility for FTX\u2019s collapse and that he failed to grasp\u00a0the amount of risk Bermuda-based FTX and Alameda\u00a0were taking on across both businesses. One of the accusations made against Bankman-Fried is that he arranged for Alameda to use customers\u2019 assets in FTX to place bets in the market. Bankman-Fried has said in public interviews that he did not \u201cknowingly\u201d co-mingle customers\u2019 assets with Alameda.<\/p>\n<p>Exchanges like FTX are supposed to segregate customers\u2019 deposits from any bets they place in the markets. Other financial companies have gotten into trouble for misusing customers deposits, one example being MF Global roughly 10 years ago.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>In a TV interview just over a week ago, Bankman-Fried said he largely believed the US affiliate of FTX was entirely solvent and could start processing withdrawals at once. As for the rest of FTX, which was significantly larger than the US division, he said the fate of customers\u2019 funds were largely out of his control.<\/p>\n<p>Bankman-Fried, who was once one of the richest people in the world on paper, now says he is getting by on a single credit card and likely has less than $100,000 to his name after FTX\u2019s failure.<\/p>\n<p>Waters has said that FTX\u2019s collapse had \u201charmed over one million people,\u201d and tweeted on Tuesday that if Bankman-Fried was not willing to testify that a subpoena was \u201cdefinitely on the table.\u201d\n                        <\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/09\/ftxs-sam-bankman-fried-says-he-will-testify-to-congress\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;FTX&#8217;s Sam Bankman-Fried says he will testify to Congress&#8221; The\u00a0former CEO of the failed cryptocurrency exchange FTX\u00a0said in a tweet Friday that he is willing to testify to Congress next week, but that he will be limited in what he can say and that he \u201cwon\u2019t be as helpful\u201d as he\u2019d like to be. The&#8230;<\/p>\n","protected":false},"author":1,"featured_media":524457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/bankman-fried-congress.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,89897,136985,52214,76127,75580],"class_list":["post-524456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-sam-bankman-fried","tag-12-9-22","tag-congress","tag-cryptocurrency","tag-hearings"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=524456"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/524456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/524457"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=524456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=524456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=524456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}