Former FTX CEO Sam Bankman-Fried was arrested in the Bahamas Monday evening at the behest of U.S. prosecutors who have secured indictments on a range of fraud charges. Today's House hearing on the collapse of FTX will still happen — sans its star witness.
to conceal from investors the misuse of FTX customer money. SEC Chair Gary Gensler said the former FTX CEO"built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto."was announced on the eve of Bankman-Fried’s previously scheduled appearance at Tuesday morning’s House Financial Services Committee hearing on FTX’s disastrous collapse.
Bankman-Fried’s absence may not ultimately derail lawmakers’ fact-finding mission, as SBF had already warned that his answers would be “frustrating and underwhelming.” Rep. told MM before the arrest that Bankman-Fried’s testimony would be a “complete goat rodeo.
Ray will blame “the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals,”. He will cite not only problematic handling of customer funds but also a recent $5 billion “spending binge” on"a myriad of businesses and investments, many of which may be worth only a fraction of what was paid for them."
Ray will describe his internal investigation of FTX as “enormous” in scope, involving the tracking of money flows from the time of the company’s founding. He is crafting findings to make it useful for government officials in the U.S. and around the world.— Look for members to try to nail down not just what went wrong at FTX but to also take shots at regulators.
“There’s a lot of hype, there’s a lot of misinformation and this industry is really pumping money into Congress,” Lynch said. “That’s a real concern because I think members might be influenced by that.”
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