Forbes Reveals SBF Congressional Testimony: New FTX CEO and Law Firm Managing Bankruptcy Tried to Get Huge Fees From FTX Bankruptcy

Foresight News, according to a draft testimony prepared by FTX founder Sam Bankman-Fried (SBF) to submit to Congress obtained by Forbes, highlights include SBF sent five emails to FTX's new CEO and chief restructuring officer John J. Ray III , but no response was received; many people (including FTX.US general counsel and former Sullivan & Cromwell partner Ryne Miller, etc.) put a lot of pressure on SBF to quickly apply for Chapter 11 bankruptcy proceedings. SBF believes that John J. Ray III and the law firms administering the bankruptcy, including Sullivan & Cromwell, sought to obtain substantial fees from the FTX bankruptcy. SBF also spends seven pages detailing instances in which John J. Ray III and his team spread false and inaccurate information about the company he founded. Additionally, FTX does not have a risk management team, and while FTX International has a team dedicated to finance and many other business areas, it does not have a team dedicated to risk management or user location monitoring, SBF said. Potential investors sign a Letter of Intent (LOI) to recapitalize the exchange. SBF was arrested by Bahamian authorities on Monday afternoon and is expected to be extradited to the United States.