JAKARTA The FTX crypto exchange filed for bankruptcy protection on November 10 after John J. Ray III replaced Sam Bankman-Fried (SBF) as CEO of the company. Regarding this, SBF admitted that it was pressured by law firm Sullivan & Cromwell to immediately file for bankruptcy.
The former CEO of FTX will reveal his testimony before the US House of Representatives Committee regarding Financial Services. SBF emphasized that their motivation to do so is related to opportunities for legal costs and consultations, as reported by CryptoSlate.
The SBF plans to testify before the US House of Representatives Financial Services Committee on December 13. However, he was arrested in the Bahamas on December 12, at the request of the US government. Forbes obtained a draft of the Bankman-Fried testimony plan and has published it on a verbatim basis.
In his testimony, SBF made a claim under 'Chapter 11' that he had received a "billion-dollar offer to help make customers intact," shortly after signing a nomination for John Ray to take over FTX as CEO.
The SBF stated that he instructed his adviser to cancel the document just moments later to find that this was impossible. The testimony also reports that "Savin & Cromwell's lawyer handed it over on behalf of [SBF] even though [SBF] had instructed not to."
The FTX founder claims that Ray was proposed by law firm Sullivan & Cromwell, which goes against the will of the SBF. The former CEO of FTX later claimed that Ray proposed Chapter 11 afterwards for all FTX entities "including the fully protracted US entity, FTX US, where they closed access and withdrawal of customers."
According to the testimony, the Bahamas Attorney General, Ryan Pinder, released an official statement: "There is a possibility that the prospect of legal fees and consultations of millions of dollars encourages legal strategies [the Bab Peder team and their inappropriate statements."
The SBF ended its nine-year testimony page with a screenshot revealing a message from FTX's public adviser, Ryne Miller, seeking approval to send a $4 million "SullCrom" to ensure representatives "of the FTX.com treasury."
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