According to reports, the U.S. Senate Banking Committee stated that Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX, refused Test
According to reports, the U.S. Senate Banking Committee stated that Sam Bankman-Fried, the former CEO of the cryptocurrency exchange FTX, refused Testify at a hearing this week about the debacle within his company.

Lawyers for the crypto platform founder also said Bankman-Fried, who lives in the Bahamas, would not accept a subpoena to compel him to testify before the committee, the senators said.

The latest news reveals that authorities in the Bahamas have arrested the former crypto billionaire. Bahamas Attorney General Ryan Pinder said the United States had filed unspecified criminal charges against Bankman Freed and "may seek his extradition."

Bankman-Fried was scheduled to appear before the House Financial Services Committee on Tuesday, which will focus on the bankruptcy of his company.

In a joint statement, Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Committee, and Pat Toomey, a Pennsylvania Republican ranking member, said they had "stood for Sam Bank. Mann-Fried provided two separate dates for his testimony before the Senate Banking Committee, Housing and Urban Affairs Committee and is open to video testimony."

"He declined to testify in an unprecedented fashion of buck-passing," they said. "Given that Bankman-Fried's attorneys have indicated that they are unwilling to accept a subpoena, we will continue to work to get him before the committee. He owes an explanation to the American people."

Bankman-Fried said he "currently" has no plans to testify at the hearing. In an interview on Twitter Spaces, he noted that he is "likely and willing" to appear before the committee for a conversation.

In a recent letter to Bankman-Fried, Brown and Toomey threatened to subpoena him if he "chooses not to attend" the hearing.

After FTX crashed within days, Bankman-Fried was called to testify before the Senate Banking Committee. FTX reportedly moved billions of dollars in client funds to Bankman-Fried’s trading firm, Alameda Research, before the firm’s collapse.

In the letter calling for Bankman-Fried to testify, Brown and Toomey wrote, “Regarding how client funds were misappropriated, how clients were prevented from withdrawing their own funds, and how you conspired to cover up the facts, There are still many unsolved mysteries."
Axact

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