Report: FTX's Bankman-Fried is being investigated for fraud regarding money from the Bahamas.

Sam Bankman-Fried

According to Bloomberg on Friday, FTX founder Sam Bankman-Fried is the target of a fraud investigation by US authorities over the handling of funds.

Investigators are looking into the possibility that hundreds of millions of cash were sent to the Bahamas.

Ahead of the House Financial Services Committee hearing on December 13, Bankman-Fried stated earlier on Friday that he is "willing to testify."

Bankman-Fried wrote in twitter post --"I still do not have access to much of my data -- professional or personal. So there is a limit to what I will be able to say, and I won't be as helpful as I'd like,"

the post in response to requests from Maxine Waters, chair of the House Financial Services Committee (D-CA)

A spokesman for Bankman-Fried declined to comment to Bloomberg on the most recent report of an inquiry into fraud because he has not been charged with any crimes.

On Thursday, the New York Times reported that Bankman-Fried was reported to be struck with an investigation by federal prosecutors on whether….

He destabilised his crypto empire in May by manipulating the prices of the terraUSD (UST-USD) and luna sister tokens, which resulted in their collapse.