Former FTX CEO Sam Bankman-Fried’s Trial Continues with Cross-Examination
The trial of Sam Bankman-Fried, the former CEO of defunct crypto exchange FTX, continued on October 31 with the prosecution cross-examining the defendant. Despite facing tough questions, SBF managed to present his own version of events at the exchange. However, it remains to be seen if this will convince the jury.
SBF Claims Ignorance About Fiat Account Bug
The prosecution had previously established that Bankman-Fried was fully aware of all activities at both FTX and Alameda Research, suggesting he orchestrated illicit activities. However, during cross-examination, SBF pretended to be unaware of certain incidents at the companies.
When asked about the bug in the fiat account, SBF claimed he only found out because he overheard his employees discussing it. He explained that he trusted his team to handle the issue and had faith in their abilities.
FTX Founder Denies Involvement in Alameda’s Trading Decisions
The FTX founder was also questioned about trading decisions at Alameda Research while he was CEO. He stated that he was not aware of everything happening at the firm and emphasized that Caroline Ellison, Alameda’s former CEO, made those decisions.
However, Bankman-Fried undermined himself by suggesting that customer deposits were used for risk management. He then clarified that he prioritized customer portfolios during his time as CEO of Alameda.
Defense Expected to Conclude this Week
The trial will continue on November 1, with the defense expected to wrap up its case this week. Rebuttals will follow before the case reaches a verdict by the end of next week. The outcome of the trial will have significant implications for Bankman-Fried’s future.
Hot Take: SBF Tries to Distance Himself from Allegations
In his testimony, Sam Bankman-Fried attempted to create doubt by downplaying his involvement in the alleged illicit activities at FTX and Alameda Research. By feigning ignorance and emphasizing the roles of other individuals, he aimed to counter the claims made by his former associates. The success of this strategy will ultimately depend on whether the jury believes his narrative or not.
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