House Committee Chair Maxine Waters told Reuters on Thursday that she is prepared to subpoena Bankman-Fried if he does not voluntarily agree to attend a congressional hearing next week. She also said that she is trying to find the most appropriate way to do this.
“I still don’t have access to most of my data — work or personal. So I’m limited in what I can say and won’t be as helpful as I would like.” “However, if the committee still thinks he would be helpful, I am willing to testify on December 13,” he added.
But it’s unclear if Bankman-Fried plans to attend the House committee hearing in person or via video call.
1) I still can’t access a lot of my data – professional or personal. So there is a limit to what I will say, and it will not be as useful as I would like it to be.
but as the committee still thinks it will be useful, I am prepared to testify on the thirteenth. https://t.co/KR34BsNaG1
– SBF (SBF_FTX) December 9, 2022
Bankruptcy lawyers are profiting from the collapse of digital assets and the woes of cryptocurrency exchanges
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Waters had already invited Bankman-Frieda to the hearing via Twitter on Monday. In a series of other tweets, she then wrote that based on multiple media interviews since FTX’s downfall, “It is clear to us that the information you have is sufficient to warrant termination.”
US cryptocurrency exchange FTX filed for bankruptcy in November. Reuters said it was forced to do so because of a liquidity crisis that deprived customers of at least $1 billion (about 24 billion CZK). Bankman-Fried admitted that he was wrong to lead and that he had failed to stop FTX from falling. But he denied that he wanted to deceive anyone.
The fall of bitcoin and other cryptocurrencies
Practically the entire world of cryptocurrencies paid for the fall of FTX, an example of which was the massive sale of bitcoin, which was followed by other virtual currencies. Even before the fall of FTX, the world’s most popular cryptocurrency was trading for CZK 522,150, but then the value dropped below CZK 400,000, which was the worst result since the end of 2020.
For example, last week on Monday, the exchange rate was only 376,440 CZK, and Bitcoin is currently trading at 394,920 CZK. Exactly one year ago, the value was 1,072,320 CZK. The absolute record so far was set by the world’s most popular cryptocurrency in November 2021, when it was offered for CZK 1,427,350.
Cryptocurrency exchange Bitfront will shut down in a few months
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