Sam Bankman-Fried testifies he thought hedge fund could cover US$8 billion debt to FTX

Testifying in his own defence at his fraud trial, the 31-year-old former billionaire told jurors that he was concerned and surprised, but not alarmed, upon learning in October 2022 that Alameda had borrowed US$8 billion from deposits that FTX customers sent to the exchange.

Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. He has acknowledged making mistakes that led to FTX's Nov 11, 2022, bankruptcy, harming customers and employees. But he said he did not steal customers' money. Sassoon asked Bankman-Fried several times whether taking FTX funds to repay lenders was margin trading.

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Sam Bankman-Fried grilled by prosecutor about interviews following FTX's collapseNEW YORK: FTX founder Sam Bankman-Fried was challenged on Monday over interviews following the cryptocurrency exchange's collapse, in which he said he was not involved in his Alameda Research hedge fund's trading.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Sam Bankman-Fried grilled by prosecutor about interviews following FTX's collapseNEW YORK: FTX founder Sam Bankman-Fried was challenged on Monday over interviews following the cryptocurrency exchange's collapse, in which he said he was not involved in his Alameda Research hedge fund's trading.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »