In this courtroom sketch, FTX founder Sam Bankman-Fried, right, is cross-examined by Assistant US Attorney Danielle Sassoon, left, in Manhattan federal court, Thursday, Oct. 26, 2023, in New York. at a New York City trial on Monday, attacking his credibility by highlighting public statements he made before and after the FTX cryptocurrency exchange he founded filed for bankruptcy late last year when it could no longer process billions of dollars in withdrawals.
The California man gained a level of fame from 2017 to 2022 as he created the Alameda Research hedge fund and FTX, building a cryptocurrency empire that became worth tens of billions of dollars. For a time, he seemed to be transforming the emerging industry by conforming to his publicly stated vision of a more regulated and safe environment for users.
In one instance, she asked him if he'd used profanity in speaking about regulators — even as he was trying to convince Congress to bring more legitimacy to the cryptocurrency industry by setting up a regulatory framework.And when Sassoon asked if his pursuit of regulations was just an attempt at garnering positive public relations, he answered: “I said something related to that, yes.”
Bankman-Fried was arrested last December on fraud charges. Initially freed on a $250 million personal recognizance bond to live with his parents in Palo Alto, California, he was jailed in August when Judge Lewis A. Kaplan became convinced that he had tried to tamper with potential trial witnesses.
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