- SBF said that he still needs to review what happened at FTX and is unlikely to testify before Congress on December 13.
- Coinbase chief slammed SBF and FTX saying that it was not an accounting error but a clear theft of customer money.
Last week on Friday, December 2, Congresswoman Maxine Waters invited FTX founder Sam Bankman-Fried to testify. The goal was to let the public understand what led to the collapse of one of the world’s largest crypto exchanges in just a week’s time.
In a joint tweet from Maxine Waters, and the U.S. House Committee on Financial Services, she wrote:
@SBF_FTX, we appreciate that you’ve been candid in your discussions about what happened at #FTX. Your willingness to talk to the public will help the company’s customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th.
SBF has responded to this, however, the chances of him making an appearance before Congress, are unlikely on the 13th. Interestingly, the disgraced FTX founder has been making multiple public appearances over the last week.
SBF said that he’s himself trying to figure out yet on what led to the collapse of the exchange. However, he added that he would be open to testifying in the future. Responding to Maxine Water’s tweet, SBF wrote:
Rep. Waters, and the House Committee on Financial Services: Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I’m not sure that will happen by the 13th. But when it does, I will testify.
Rep. Waters, and the House Committee on Financial Services:
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I'm not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt
— SBF (@SBF_FTX) December 4, 2022
Coinbase CEO slams FTX and SBF
While Sam Bankman-Fried has been recently making some public interviews, he recently said that the $8 billion hole in FTX’s balance sheet was due to improper accounting measures. While it is quite out there in the open that FTX was moving customers’ funds to its sister concern Alameda Research, SBF seems to be doing some covering up now.
Coinbase chief Brian Armstrong slammed the disgraced FTX founder over his recent claims. Armstrong said that there was no way that billions of dollars simply slipped out of SBF’s notice. In a message on Twitter, the Coinbase chief wrote:
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I don’t care how messy your accounting is (or how rich you are) – you’re definitely going to notice if you find an extra $8B to spend. Even the most gullible person should not believe Sam’s claim that this was an accounting error. It’s stolen customer money used in his hedge fund, plain and simple.
There have been serious allegations that SBF and his team transferred $10 billion worth of customer funds from the FTX accounts, to Alameda Research. However, SBF said that he didn’t “knowingly commingle funds”.
