Hailed as ‘next Warren Buffet’, Sam Bankman, whose crypto empire crashed, held

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FTX founder Sam Bankman-Fried said he was pressured into nominating John Ray as chief executive of the crypto exchange in early November by Sullivan and Cromwell lawyers who were advising his firm at the time, according to a draft of his testimony to Congress seen by Reuters.
Shortly after Bankman-Fried agreed to nominate Ray, he received a “potential funding offer for billions of dollars to help make customers whole,” Bankman-Fried wrote. But by then he was told it was too late to rescind the move.

Bankman-Fried, who was arrested earlier on Monday in the Bahamas, could not be reached for comment. Sullivan and Cromwell, FTX and John Ray were not immediately available for comment.

The arrest comes on the eve of Bankman-Fried’s scheduled appearance at a US Congress hearing in which he was to testify under oath about the crypto exchange’s overnight demise.

Embattled cryptocurrency mogul and former FTX CEO Sam Bankman-Fried was arrested in the Bahamas after being criminally charged by US prosecutors. US officials have been seeking to charge Bankman-Fried after the spectacular collapse of his FTX platform.

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