Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during a Senate Agriculture, Nutrition and Forestry Committee hearing in Washington, D.C., on Wednesday, Feb. 9, 2022.
Sarah Silbiger | Bloomberg | Getty Images
FTX founder Sam Bankman-Fried has agreed to testify before the House Financial Services Committee at a hearing about the crypto exchange’s collapse on Tuesday, he said in a series of tweets Friday morning.
There’s been a lot of back and forth in Washington over whether lawmakers would have to subpoena Bankman-Fried, who said he would voluntarily testify since the committee “still thinks it would be useful.” It was unclear whether he would show up on Capitol Hill in person or stay in the Bahamas where he’s been holed up for much of the time since his company filed for bankruptcy last month, holding interviews with reporters.
In his tweet thread, the disgraced former “darling” of crypto appeared to lay blame on Binance founder Changpeng “CZ” Zhao.
The ex-CEO of FTX has been on a media blitz the last month talking about the implosion of his crypto empire, but this will be the first time the public has the chance to hear from SBF under oath.
Bankman-Fried wrote that he still did not have access to much of his data, professional or personal, so there was a “limit” to what he would be able to say.
“I won’t be as helpful as I’d like. But as the committee still thinks it would be useful, I am willing to testify on the 13th,” continued the post.
Bankman-Fried used his tweet thread to antagonize Binance boss Zhao, claiming that he had “won,” and that the restrictions that Zhao wanted to impose as part of Binance’s aborted bailout were excessively onerous.
Bankman-Fried didn’t think there were any winners, he said in a tweet.
“Seeing how CZ talks, I’m pretty sure he does,” Bankman-Fried continued.
“Sam was so unhinged when we decided to pull out as an investor that he launched a series of offensive tirades at multiple Binance team members,” Zhao wrote in a Twitter thread.
In the days leading up to FTX’s collapse, Zhao was heralded as a potential savior for the exchange. FTX was once considered to be the most stable and reliable crypto exchange in the industry, but an article from CoinDesk revealed an alarming concentration of self-issued FTT tokens being used as collateral for billions in loans for Alameda Research, Bankman-Fried’s crypto hedge fund. The article, paired with Alameda CEO Caroline Ellison’s tweet activity, sent FTX into a liquidity crisis.
Bankman-Fried was responding to a series of tweets posted by Zhao about why Binance walked out on the potential acquisition offer. When Binance stepped away, FTX fell into freefall, ultimately filing for bankruptcy protection shortly after.
Zhao torched Bankman-Fried for rampant spending on vanity projects from marketing to “mansions.” He was responding to a Thursday morning appearance by CNBC contributor Kevin O’Leary on “Squawk Box.”
O’Leary had said that he lost his entire $15 million payday and was embarrassed at his lack of due diligence.
Bankman-Fried has played coy with lawmakers, despite a threat to subpoena him from the Senate Finance Committee this week and repeated demands from House Financial Services Chair Maxine Waters, D-Calif., to testify under oath at that panel’s hearing.
Investors and regulators have been seeking answers from Bankman-Fried for some time now. Despite several highly publicized media and Twitter spaces appearances, the former billionaire has revealed little about the chaotic final days at FTX.
A growing number of investors and pundits believe that the only place Bankman-Fried should be is in prison. Legal experts CNBC spoke with say that his sentence could hypothetically run for his entire life, if convicted.
Before Bankman-Fried agreed to testify, CNBC reported that Waters was not planning to subpoena the ex-billionaire. Waters pushed back, claiming a subpoena was “absolutely” on the table.
Several well-known players in the US electric bicycle market have recently joined forces in creative ways. Electric Bike Company, known for its local manufacturing in Southern California, has just announced a major merger with Integral Electrics, an e-bike brand uniquely designing electric bicycles for women and other short statured riders.
Both Electric Bike Company and Integral Electrics have carved out interesting niches in the industry. EBC has become famous for its extremely customizable electric bicycles. Riders can choose everything from the specific paint color to the combination of components and even the material choices – locally manufactured wooden fenders, anyone?
With multiple assembly locations across Newport Beach in Southern California, the local production has allowed EBC to respond quickly to one-of-a-kind builds that are designed by customers on its website or in any of hundreds of dealer locations around the US. The extreme customization has lent itself well to a market where customers often want to create unique bikes that show off personality and character.
Integral Electrics has also found itself an underrepresented market, but this time with a focus on female riders. The brand focuses on making cycling more accessible, regardless of a rider’s gender, height, or cycling experience. The company’s e-bikes are built to fit a wider range of riders, carry multiple children, and make cycling easier for everyone.
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The company’s founder and CEO Laura Belmar started Integral Electrics back in 2023 along with co-founder Paul Freedom, relying on her own experience struggling to find a cargo e-bike that she could comfortably ride with her children. A serial entrepreneur with successful ventures already under her belt, Belmar followed her instincts and tapped into that underserved market.
Now Integral Electrics and Electric Bike Company are merging under a single brand, with Integral Electric’s designs joining the EBC family. EBC has several famous models available, but the brand has long skewed more in the direction of cruisers and comfort bikes. The addition of Integral Electric’s cargo bikes and trikes will help further round out the diversity of models offered.
“Integral’s emphasis on female riders and on cargo e-bikes is a welcome addition to the EBC family,” said EBC founder and CEO Sean Lupton-Smith. “We want to stay on the cutting edge of where the e-bike market is headed, and Integral’s innovative approach helps push us forward.”
And with EBC’s local manufacturing, those bikes will be made closer to home than ever. “Building in the USA also has distinct safety advantages,” explained Belmar. “From my first visit to Electric Bike Company’s California factory, I have been indelibly impressed by the emphasis on quality and safety. Shipping bikes fully built and inspected is so much safer for customers. Electric Bike Company has already achieved one of our long-held aspirations. I’m honored to be part of this team.”
In a climate of tariff uncertainty, the ability to build and assemble bikes locally is becoming even more advantageous. “As tariffs, regulation and competition put pressure on the e-bike industry, Sean’s focus on customization and safety at Electric Bike Company was prescient,” added Freeman. “As we look around the industry, it’s clear that he has built a business that is well-positioned to meet this moment.”
As part of the merger, Belmar will assume the role of President and Chief Commercial Officer at EBC, and Integral Electrics’ Advisor Michael Edwards will join the EBC board.
The news of the merger follows quickly behind another major EBC partnership that saw Pedego ink a licensing deal with the brand to leverage EBC’s customization strengths to produce unique customer-designed Pedego e-bikes.
In addition to rolling out EBC’s Design Wall at many of Pedego’s stores, allowing customers to visually construct any e-bike combination right there in real-time on a large touchscreen, the partnership adds Pedego’s 150+ stores to EBC’s 250+ dealer network, giving customers access to one of the most extensive e-bike sales and service networks in the country.
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A nearly $50,000 electric SUV for just $99 a month? If that sounds too good to be true, it’s because it kind of is. One Honda dealer is promoting a Prologue lease offer for just $99 for 24 months, but you may have a hard time getting your hands on one.
Honda Prologue EV listed for lease at just $99 per month
Honda’s electric SUV is already one of the most popular EVs in the US. In December, it was the third top-selling electric vehicle trailing only the Tesla Model Y and Model 3.
Since the first models hit the streets last March, the Prologue climbed to become the seventh best-selling EV in 2024, beating out Chevy’s new Equinox EV and even the Rivian R1S.
Although Honda, like most, is offering generous discounts to clear inventory, one dealer is taking it to the extreme.
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Buena Park Honda in California is promoting a Honda Prologue lease deal for just $99 for 24 months (plus taxes) with a $3,977 down payment. The crazy low offer is for the 2024 Prologue EX FWD with 10,000 miles a year, but there’s a catch.
Honda Prologue listed for lease at just $99 per month (Source: Buena Park Honda)
For one, there’s only one model listed in its inventory, and it’s the Elite trim, listed at $51,850 (MSRP of $59,350 minus the $7,500 federal EV tax credit). You will also need a trade-in vehicle, including a 2014 or newer Honda or competitor brand.
A salesperson from the dealership told online auto research firm CarsDirect that the EX models are out of stock because they are “really hard to get your hands on.”
2024 Honda Prologue Elite (Source: Honda)
Also, if you factor in the down payment and $595 acquisition fee, the effective cost is $295 per month. That’s only slightly better than the official $239 for a 24-month lease offer Honda is promoting. With just $1,499 due at signing, the effective rate is $301 per month, or just $6 more.
2024 Honda Prologue trim
Starting Price (w/o $1,395 destination fee)
Starting price after tax credit (w/o $1,395 destination fee)
Starting price after tax credit (with $1,395 destination fee)
EPA Range (miles)
EX (FWD)
$47,400
$39,900
$41,295
296
EX (AWD)
$50,400
$42,900
$44,295
281
Touring (FWD)
$51.700
$44,200
$45,595
296
Touring (AWD)
$54,700
$47,200
$48,595
281
Elite (AWD)
$57,900
$50,400
$51,795
273
2024 Honda Prologue prices and range by trim
Although this is offered in California and other CARB emissions states, the Prologue is on sale in different regions for just $209 for 24 months. With $2,699 due at signing, the effective rate is still just $321 per month.
Honda says the Prologue “delivers the same level of quality, reliability, and performance” you expect from the brand.
Based on GM’s Ultium platform, the electric SUV has an EPA-estimated range of up to 296 miles. Although it shares GM’s tech, Honda fine-tuned the Prologue with an added multi-link front and rear suspension to give it a more “sporty” drive.
The Prologue has more interior space, with 111.7 cu ft of passenger volume, than the Honda CR-V (106 cu ft). It also features an 11.3″ touch-screen infotainment system with built-in Google, Apple CarPlay, and Android Auto support, something GM has moved away from.
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