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Friday, January 27, 2023

FTX founder to testify before US Congress on Tuesday

,There’s a limit to what I can say and I can’t be as helpful as I’d like to be.lamented the disgraced entrepreneur.

Since the failure of FTX, Bankman-Fried says it was unaware that client funds were being redirected to Alameda, an investment firm affiliated with itOne of the main reasons that led to bankruptcy.

In a virtual interview broadcast live by the newspaper New York Times in NovemberBankman-Fried said that Did not “intentionally” mix fundsthat he was not the one who ran Almeida and that he only became aware of what was happening in recent weeks, when the facts were revealed publicly.

FTX filed for bankruptcy on November 11th and at the end of the same month, the new Company managers appear for the first time in Delaware state bankruptcy court (USA) to start the restructuring process.

new board counsel and its current manager, john raythey believe that a A “substantial amount” of company property may be stolen or missing,

loss new managers He has also informed There was a “complete lack of corporate control” in the company. and the lack of “reliable financial information”.

platform, which Its value was estimated at $ 32 billion.can be more than one lakh creditors All over the world. So far, the company has acknowledged that owes over $3,000 million to its top 50 creditors.

Even then, Bankman-Fried partly blames bankruptcy on mass selling of cryptocurrencies Which happened at the beginning of the year. To the founder of the company, That sale cut FTX’s guarantees in half to about $30 billion.

At the time, crypto selling continued amid a credit squeeze and “flight on the bank,” according to Bankman-Fried. reduced the guarantee to 9,000 million before FTX filed for bankruptcy.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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