NEW YORK - FTX founder Sam Bankman-Fried's lawyer on Tuesday said the now-bankrupt cryptocurrency exchange's investments were not "reckless and frivolous," pushing back against testimony by a former executive who called its spending on marketing and celebrity endorsements excessive.
"I understood it had business benefits and costs," Singh said in testimony that defense lawyers could use to argue that Bankman-Fried was making what he believed to be good-faith business decisions in shelling out funds for marketing and investments even if others disagreed. "Yesterday we were told these were all reckless and frivolous investments, and I'm entitled to show that there was way more to it than we were told yesterday," Cohen said, after a prosecutor objected to his questioning about K5.
Jurors have already heard from Gary Wang, FTX's former chief technology officer, and Caroline Ellison, Alameda's onetime chief executive officer and Bankman-Fried's former girlfriend. Toronto police have identified a woman who died after a shooting in the city's west end Sunday. Officers were initially called to an address on Davenport Road, near St. Clair Avenue West and Old Weston Road, around 10:30 p.m. Police say they found a man with a knife, and he was taken into custody.A short time later, a woman was found with stab wounds inside a home on nearby Chambers Avenue. She was pronounced dead at the scene.
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