Founder of FTX cryptocurrency exchange attacked for credibility in trial

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FTX,Cryptocurrency Exchange,Trial

The founder of FTX cryptocurrency exchange, Sam Bankman-Fried, was attacked for his credibility in a New York City trial. He was confronted with instances where he promised customers their assets would be safe, despite the exchange filing for bankruptcy. Bankman-Fried is on trial for defrauding customers and investors of billions of dollars.

at a New York City trial on Monday, attacking his credibility by highlighting public statements he made before and after the FTX cryptocurrency exchange he founded filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals.

The California man gained a level of fame from 2017 to 2022 as he created the Alameda Research hedge fund and FTX, building a cryptocurrency empire that became worth tens of billions of dollars. For a time, he seemed to be transforming the emerging industry by conforming to his publicly stated vision of a more regulated and safe environment for users.

In one instance, she asked him if he'd used profanity in speaking about regulators — even as he was trying to convince Congress to bring more legitimacy to the cryptocurrency industry by setting up a regulatory framework.And when Sassoon asked if his pursuit of regulations was just an attempt at garnering positive public relations, he answered: “I said something related to that, yes.

He began testifying on Thursday. Kaplan has told jurors that the trial might be completed as early as this week.‘Agitated’ man flashed gun at driver, not realizing it was Florida trooper, cops say

 

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