Former FTX CEO Sam Bankman-Fried refuses to testify through Senate ban

Sam Bankman-Fried, founder and CEO of FTX Cryptocurrency Derivatives Exchange, speaks during a Senate Agriculture, Nutrition and Forestry Committee hearing Wednesday, Feb. 9, 2022, in Washington, DC.

Sarah Silbiger/ | Bloomberg | Good pictures

Former FTX CEO Sam Bankman-Fried is refusing to testify at a hearing this week about his company’s implosion, the Senate Banking Committee said Monday.

Lawyers for the crypto platform founder, Bahamas-based Bankman-Fried, said it would not accept service of a subpoena to compel its testimony before the committee, the senators said.

Bankman-Fried is Planned He is scheduled to appear at a House Financial Services Committee hearing on Tuesday that will focus on his company’s collapse.

In a joint statement, Senate Bank Chairman Sen. Sherrod Brown, D-Ohio, and Ranking Member Pat Toomey, R-Pa., said, “The Senate has given Sam Bankman-Fried two different dates for banking, housing, and prior testimony. The Urban Affairs Committee is willing to accommodate virtual testimony.”

“He has an unprecedented abdication of accountability,” they said. “Since Bankman-Fried’s counsel has said they do not want to accept service of a subpoena, we will continue to work to have him appear before the committee. He must explain to the American people,” they said.

Earlier Monday, Bankman-Fried said she is “not currently scheduled” to testify at the trial. In the Twitter Space interview, he also indicated that he was “open and willing” to have a conversation about appearing before the panel.

Brown and Toomey threatened recently Letter Banker-Fried to subpoena him if he “chooses not to appear” at Wednesday’s hearing.

Bankman-Fried was called to testify before a Senate committee after his crypto exchange FTX went down within days. Before the company imploded, FTX was informed changed Bankman-Fried’s trading arm, Alameda Research, has billions of dollars in client funds.

In a letter to Bankman-Fried requesting her testimony, Brown and Toomey wrote, “There are still significant unanswered questions about how customer funds were misused, how customers were prevented from withdrawing their own money, and how you covered up.”

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