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The bankrupt crypto exchange FTX’s founder and former CEO, Sam Bankman-Fried (SBF), has openly mentioned that he might not come to the next hearing of the US House Committee regarding his crypto domain’s crash. SBF shared a post on Twitter addressing Maxine Water (the chair of the Financial Services Committee) and mentioned that he is busy reviewing and learning about what took place.

Sam Bankman-Fried Refutes Appearing before US House Committee

That is why, he added, it might not be easy for him to take part in the respective hearing. He stated that after completing the process of properly understanding the recently occurring incidents, he would be ready to go in front of the committee for an explanation. The respective statement was made by the FTX founder as a response to a Twitter post shared by Maxine Waters (a congresswoman) and the committee.

The committee and Maxine asked him to be a part of the hearing to take place on the 13th of December to discuss how the crypto empire of SBF declined. As per the reports, in the previous month, the US House Financial Services Committee declared some strategies to carry out a hearing for the inquiry into the crash of the crypto exchange.

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The committee disclosed that they want to hear from the individuals and entities engaged in the saga, taking into account Binance, Alameda Research, Sam Bankman-Fried, and so on. At that point, Waters was of the view that more than 1 million consumers had been hurt by the downfall and that a majority among them contained retail traders having invested hard-earned funds into the company, eventually being deprived of everything in seconds.

Unluckily, the respective episode is 1 of several instances that took place in the world of cryptocurrency during the previous year, as she added. Waters asserted that she was aware of the requirement to take legislative measures external to the vigorous federal oversight in addition to the transparent rules. The deficient adherence of the policymakers toward the investigation of FTX as well as its frontrunners has allured the crypto community members.

Many in the crypto community are of the view that the FTX founder mismanaged a huge worth of several billion dollars taken from the client funds. Some consider the case of FTX to be one of the biggest scams in crypto history with no or little scrutiny. A noteworthy thing here is that a lot of speculations have been circulating regarding the possibility that Bankman-Fried has given nearly $1B to Democrats.

The available data brought to the front that he was the 2nd-biggest person in terms of donations made to the Democratic Party between the election series of 2021 and 2022, offering $39,884,256. Above him is the billionaire George Soros, occupying the 1st place for donations during the same time.

Entrepreneur Suggests Putting SBF behind Bars for Defrauding Public

Will Manidis, known as the CEO and co-founder of ScienceIO, has moved on to say that one of the reasons behind the sluggish or no regulatory scrutiny around Bankman-Fried is his donations to the people in power.

The executive tweeted in this regard, noting that operations carried out by the FTX founder were among the extreme ROI trades which took place up till now. The chief executive officer of ScienceIO asserted that SBF stole up to $10 billion and that he deserves jail time for that.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.