According to TechFlow, on December 13, Forbes obtained a draft testimony that FTX founder Sam Bankman-Fried (SBF) was preparing to submit to Congress. The key points included that SBF sent five emails to FTX's new CEO and chief restructuring officer John J.Ray III, but received no response; 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 that managed the bankruptcy, including Sullivan & Cromwell, tried to obtain huge fees from the FTX bankruptcy. SBF also used seven pages to detail instances in which John J.Ray III and his team spread false and inaccurate information about the company he founded. In addition, SBF stated that FTX does not have a risk management team. Although 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. Potential investors have signed a letter of intent (LOI) to recapitalize the exchange. Original link