Sam Bankman-Fried says unlikely to testify in Dec 13 House Committee hearing

Sam Bankman- Fried, the former chief executive of FTX, indicated on Sunday that he is unlikely to testify in the upcoming U.S. House committee.

Bankman-Fried suggested to the Financial Services Committee that he would testify later.

The collapse of the FTX exchange, which was one of the world's largest, will be the subject of a congressional hearing in December. FTX founder Bankman-Fried and others were expected to give testimony. The hearing will take place on December 13 according to Waters.

Many entrepreneurs and investors believe that Bankman-Fried, who has been accused of misappropriated billions of dollars from customers, is getting away with one of the largest frauds in the world.

Bankman-Fried has given a number of interviews to the media and on social media where he has claimed that he did not know about the loans FTX financed to Alameda Research.

Bankman- Fried transferred $10 billion in FTX client funds to Alameda Research. The publication was told by Bankman- Fried that the funds transfer was a mistake.

The CEO of FTX stepped down after the company filed for Chapter 11.

In his 40 years of legal and restructuring experience, John Ray has never seen a complete failure of corporate controls or a complete lack of trustworthy financial information. After the collapse of the energy titan, Ray was the chief executive.