For all his supposed soul-searching, Sam Bankman-Fried planned to spend much of his time in front of the U.S. House of Representatives Committee on Financial Services blaming others for the implosion of FTX, and the situation he now finds himself in.
was planning to testify before Congress on Tuesday about the dramatic collapse of his cryptocurrency exchange., as his much anticipated congressional appearance is now unlikely. Bankman-Fried is reportedly being held in custody awaiting likely extradition to the United States where he is expected to face criminal charges,
Bankman-Fried complained that he’s reached out multiple times to John J. Ray III, a seasoned restructuring lawyer who oversaw Enron’s bankruptcy proceedings and who assumed the role of FTX CEO during the company’s own Chapter 11 filing. “Mr. Ray has never responded, nor has he reached out to me to communicate in any other ways.
As FTX scrambled for options, Bankman-Fried signed a letter of intent for Binance to acquire his company, which prevented FTX from courting other potential investors. “During that time, I received serious expressions of interest from multiple potential investors who represented billions in capital that could have gone to customers,” Bankman-Fried wrote in his prepared remarks. “I was inhibited in responding by the LOI.
“He has not responded, for instance, to an email of mine that stated: ‘I have potentially pertinent information concerning future opportunities and financing for FTX and its creditors. I also believe that I have relevant financial information about FTX US, and further that I have potentially relevant regulatory information concerning FTX.
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