The congresswoman said Bankman-Fried had sufficient information for evidence given his former role as the CEO of FTX and his interviews. Many crypto community members consider him delusional and sociopathic, saying his speech is full of lies and whining.
US Congresswoman Maxine Waters recently invited Sam Bankman-Fried to a hearing on December 13th to discuss what happened during the FTX collapse. However, the former CEO of the bankrupt cryptocurrency exchange said it was wrong to appear before the committee to explain the events.
Bankman-Fried told Waters he was sure that FTX US was solvent, so they could compensate clients in the United States.
Bankman-Fried Has to Explain How FTX Collapsed in a Week
After thanking Bankman-Fried, Waters requested him to appear at a hearing to explain the failure that affected over a million people.
The congressional representative does not seem to believe what Bankman-Fried has been saying in the media. She told him he had sufficient information for evidence given his role as CEO and his interviews in person and on the phone.
Therefore, Sam Bankman-Fried will have to explain to regulators how a company with a valuation of over USD 32 billion went bankrupt in a week.
The billionaire has accumulated a wealth of over USD 24 billion, thus becoming one of the largest cryptocurrency investors. However, he needs to answer questions about his fortune and the mismanagement of the money of clients.
Various Crypto Community Members View Bankman-Fried as a Cynic and Sociopath
Some media labeled Sam Bankman-Fried as delusional and sociopathic, saying his speech was full of lies and whining. They consider he aims to inspire pity rather than hatred.
Many pointed out that the former CEO and co-founder of FTX displayed signs of delusion and sociopathy in a 45-minute interview. They argued that he lamented and cajoled but did not admit responsibility for the financial crime.
Elon Musk was among the billionaires who said Bankman-Fried should have an adult timeout in the big house and move on. Mike Additionally, Novogratz told CNBC that SBF should spend some time in prison for causing FTX to collapse.
Jim Cramer, a former hedge fund manager, also commented that Sam Bankman-Fried committed fraud although he did not try to do so. He highlighted it was irrelevant whether the former CEO of FTX was a friendly person since the facts were indisputable.
The FTX Collapse Is a Warning to Other Crypto Companies
The crypto industry has suffered the effects of the collapse of FTX in only a week. However, many experts and personalities have said cryptocurrencies are not the problem but those who mismanage the money of investors.
Elon Musk and Michael Saylor recently commented that Sam Bankman-Fried failed to keep the bankrupt company afloat. They argued that he did not keep records of what he was doing and said he is the only one to blame.
Meanwhile, Bitcoin is trading at around USD 16,972 and has accumulated a 4.6% gain over the last week. While its daily trading volume is above USD 19.76 billion, its market capitalization is about USD 326.31 billion, according to CoinGecko.
By Alexander Salazar
