Here’s what Sam Bankman-Fried planned to tell lawmakers in his 18-pages of prepared testimony:
late Monday in the Bahamas on U.S. federal charges that include wire fraud, securities fraud, and money laundering. Bankman-Fried was due to testify under oath before the House Financial Services Committee on Tuesday.
The Securities and Exchange Commission alleged in a civil complaint that the 30-year-old FTX founder had “orchestrated a years-long fraud” that concealed from investors the diversion of customer funds from FTX to his privately held crypto research hedge fund Alameda Research, among other allegations. The agency said that FTX had raised more than $1.8 billion from equity investors, including $1.1 billion from those based in the U.S.
“I have sent five emails to Mr. Ray. Mr. Ray has never responded, nor has he reached out to me to communicate in any other ways,” Bankman-Fried wrote. He claimed he wanted to talk about a range of issues, including potential financing options as well as how to get access to his personal data, such as his LinkedIn password.
“I’ve done probably a dozen large-scale bankruptcies over my career,” he added. “This one is unusual, and it’s unusual in the sense that literally there’s no recordkeeping whatsoever.”Bankman-Fried wrote that he has 19 pages of screenshots showing how he was pressured to quickly file for Chapter 11 bankruptcy by FTX U.S. General Counsel Ryne Miller and the law firm Sullivan & Cromwell. “They range from adamant to mentally unbalanced,” he claimed.
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