The lawyer, Can Sun, said he told Bankman-Fried that he could not identify any legal justifications.
SBF’s lawyer says FTX investments were not ‘reckless’ as ex-exec testifies he was suicidalEx-FTX exec rips SBF’s ‘excessive’ spending as jurors see pics of him hanging with Katy Perry at Super BowlCryptocurrency exchange FTX’s former top lawyer testified on Thursday that its founder Sam Bankman-Fried asked him to come up with “legal justifications” for why it was missing $7 billion in customer funds four days before the company declared bankruptcy. that the company on Nov.
“I was shocked,” said Sun, who testified under a non-prosecution agreement in the third week of the trial in Manhattan federal court.where the 31-year-old former billionaire lived and told him Apollo had asked for a legal justification for the missing funds.Former FTX lawyer Can Sun testified Sam Bankman-Fried or another executive sent him a spreadsheet indicating the cryptocurrency exchange was billions of dollars short of being able to satisfy customer withdrawals.
Sun also testified that Bankman-Fried told him that the company had kept its customer funds safe and separate from its own assets, and that he never approved the lending of FTX customer funds to Alameda. Sun said he was involved in “documenting” loans from Alameda to Bankman-Fried and the other executives, but he did not know they came from customer funds.
Cohen also pressed Sun on his decision not to quit in the summer of 2022, when he learned that Alameda was exempt from a procedure that automatically liquidated FTX customers’ positions if their trades were losing money.
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