Former FTX CEO Testifies in Court
In the ongoing trial of Sam “SBF” Bankman-Fried, his defense attorney Mark Cohen presented testimony from the former FTX CEO regarding his relationship with Caroline Ellison and political donations made by the crypto exchange. According to reports from the courtroom on October 27, Bankman-Fried claimed that he did not discuss donations to U.S. politicians with Nishad Singh and Ryan Salame, former FTX employees. He stated that the donations made in his name were actually loans from Alameda Research, aimed at influencing the U.S. government’s crypto regulations.
“I thought policy was important. Congress and the executive branch… Some were [supportive of] FTX for cryptocurrency lobbying. Some, not most.”
Personal Questions and Relationship Status
Cohen also asked Bankman-Fried personal questions unrelated to the allegations in court. The defense lawyer questioned him about his relationship with Ellison, to which Bankman-Fried responded that she wanted more than he could give and that it was not the first time this had happened to him. Ellison testified that their relationship ended because Bankman-Fried was not spending much time with her. When asked about his style, Bankman-Fried mentioned that he wore shorts and t-shirts for comfort and had a casual appearance.
Denial of Defrauding FTX Users
In earlier testimony, Bankman-Fried denied allegations of defrauding FTX users by allowing Alameda Research to use customer funds. Former FTX CTO Gary Wang and others testified that Bankman-Fried had given Alameda more trading funds than were available. The trial is expected to conclude next week after cross-examination by the U.S. Department of Justice attorneys. Once completed, the jury will deliberate on the seven criminal charges.
Hot Take: Bankman-Fried’s Testimony Reveals Details of Personal Life and Donations
In the ongoing trial, Sam “SBF” Bankman-Fried provided insight into his personal life and the political donations made by FTX. He claimed that the donations were actually loans from Alameda Research aimed at influencing crypto regulations. Bankman-Fried also discussed his relationship with Caroline Ellison, stating that it ended because he couldn’t meet her expectations. The trial also saw him denying allegations of defrauding FTX users. As the trial nears its end, the jury will soon deliberate on the criminal charges against Bankman-Fried.
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