Sam Bankman-Fried's lawyer says FTX investments were not 'reckless'

SaltWire's Atlantic regional weather forecast for October 17, 2023] | SaltWireNEW 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.

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