Sam Bankman-Fried to appear before U.S. House panel says hope to make amends
Sam Bankman-Fried, the creator of FTX, is scheduled to appear before a House committee on Tuesday. As part of its investigation into the demise of the Bitcoin exchange, the panel is holding a hearing. The committee’s head declared earlier this week that she was ready to summon him.
The U.S. Justice Department is looking into whether hundreds of millions of dollars were unjustly moved to the Bahamas at the same time that FTX declared bankruptcy. Thomas Bankman-Fried, a co-founder of FTX, has not been charged with any crimes by prosecutors or authorities. After traders withdrew $6 billion from the site in only three days and competitor Binance abandoned a rescue plan, he resigned as CEO.
Sam Bankman-Fried, the head of the cryptocurrency, says he intends to launch a new company in order to generate enough revenue to compensate FTX crash victims. The 30-year-old is the subject of many government inquiries investigating the financial management of his former employer. The former millionaire admits he was “not nearly as good as I thought I was” but denies fraud while speaking at a luxurious compound in the Bahamas.
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