Tuesday’s testimony delivered some of the most potentially damning blows yet to Sam Bankman-Fried’s defense, which has hinged on Bankman-Fried’s narrative that he made honest mistakes as a st…
Sam Bankman-Fried, 31, testified Tuesday that he knew as early as 2020 that FTX customer funds were being held in a bank account controlled by FTX’s sister company, the hedge fund Alameda Research. He said he does not recall giving any directions to Alameda employees to safeguard those funds.
Tuesday’s testimony delivered some of the most potentially damning blows yet to his defense, which has hinged on Bankman-Fried’s narrative thatProsecutors say former billionaire Bankman-Fried used his crypto exchange, FTX, as his own personal piggy bank, using the money he took from customers to enrich himself and his family, buy luxury beachfront property in the Bahamas and funnel millions into US political campaigns.
His decision to testify is seen as a Hail Mary from a defense that has struggled to poke holes in the testimony of several high-ranking executives from Bankman-Fried’s former inner circle.
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