Lawmakers to hold FTX hearing despite former CEO arrest

KIFI

Published December 12, 2022 1:49 PM

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The House Financial Services Committee plans to hold a hearing into the collapse of crypto exchange FTX on Tuesday, but its star witness will be missing. Sam Bankman-Fried was scheduled to testify in front of the House Financial Services Committee, along with the company’s current CEO, John Ray III. However Bankman-Fried was arrested in the Bahamas late Monday, and U.S. authorities said they plan to unseal charges against him on Tuesday. FTX filed for bankruptcy on Nov. 11, when the firm ran out of money after the cryptocurrency equivalent of a bank run.

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