With over one million creditors and up to $50 billion in debt, the former CEO of FTX has shown interest in launching a firm to repay them.
The founder and former CEO of the insolvent cryptocurrency exchange FTX have indicated an interest in launching a new business to repay his debts to clients.
It has been speculated that Bankman-Fried has “more than 1 million creditors,” citing November 14 bankruptcy papers. FTX might have lost anywhere from $10 billion to $50 billion depending on who you ask.
Consistent with prior claims made on his so-called media apology tour, Bankman-Fried reiterated that he “did not intentionally commit fraud.” I do not believe I have committed fraud.”
In the meanwhile, following days of back-and-forth between Maxine Waters and Bankman-Fried, the FTX founder is finally formally confirmed as a witness for the House Committee on Financial Services hearing on December 13.
As of the 11th of December, his name appears on the list of witnesses slated to attend the hearing on December 13 titled “Investigating the Collapse of FTX, Part I.”
The other witness, added on December 9th, is John Ray, the newly appointed CEO of FTX.
Controversially, Bankman-Fried skipped the Dec. 14 deadline to certify his attendance at a Senate Committee hearing on FTX’s collapse.
A letter dated December 7 from Committee Chair Sherrod Brown to Bankman-Fried indicated that the senator was prepared to issue a subpoena to force her testimony.
Brown and Senator Pat Toomey issued a statement on December 9 noting that Bankman-Fried did not answer by the deadline and that the committee “will continue to endeavour to have him testify before Congress.”
Toomey tweeted on December 9 that he is “happy” Bankman-Fried would testify at the House hearing and that he anticipates Bankman-Fried will attend the Senate hearing the following day.