Sam Bankman-Fried acknowledges 'mistakes' but testifies he did not defraud anyone

In this courtroom sketch, FTX founder Sam Bankman-Fried is questioned during his trial in Manhattan federal court on Oct 26, 2023, in New York. Sam Bankman-Fried, testifying in his own defence at his fraud trial

"We thought that we might be able to build the best product on the market," Bankman-Fried said."It turned out basically the opposite of that. A lot of people got hurt - customers, employees - and the company ended up in bankruptcy." Prosecutors say he directed that Alameda be given special trading privileges on FTX, such as a US$65 billion line of credit and an exemption from having its positions liquidated if it posted losses. They say those privileges allowed Alameda to siphon deposits from the exchange's unsuspecting customers.

He described playing"lots of board games" when he lived in an alcohol-free,"nerdy" fraternity house at the Massachusetts Institute of Technology, where he graduated with a physics degree in 2014 - part of an effort to push back on what his lawyers have termed prosecutors' portrayal of him as a"cartoon of a villain".

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FTX founder Sam Bankman-Fried kicks off fraud trial defense caseNEW YORK: Lawyers for FTX founder Sam Bankman-Fried kicked off their case at his fraud trial on Thursday (Oct 26) following 12 days of prosecution testimony in which former colleagues at the now-bankrupt cryptocurrency exchange said he directed them to divert customer funds to his hedge fund and lie to investors...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

FTX founder Sam Bankman-Fried kicks off fraud trial defence caseNEW YORK: Lawyers for FTX founder Sam Bankman-Fried kicked off their case at his fraud trial on Thursday (Oct 26) following 12 days of prosecution testimony in which former colleagues at the now-bankrupt cryptocurrency exchange said he directed them to divert customer funds to his hedge fund and lie to investors...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »