FTX founder Sam Bankman-Fried is questioned by prosecutor Danielle Sassoon during his fraud trial over the collapse of the bankrupt cryptocurrency exchange at federal court in New York City, U.S., October 31, 2023 in this courtroom sketch.
FTX directed customers to deposit funds into the Alameda account before the exchange had its own bank account. Prosecutors say Bankman-Fried illegally looted billions of dollars of customer funds to prop up Alameda, made speculative venture investments, and donated upwards of $100 million to U.S. political campaigns.Bankman-Fried frequently looked toward jurors as he testified, occasionally frowning or smirking at how Sassoon framed her questions.
Sassoon challenged Bankman-Fried on how he had talked with other FTX executives about a bug had that had in June 2022 inflated Alameda's debt to FTX, but did not investigate it deeply despite owning 90% of Alameda.Sassoon also grilled Bankman-Fried on what she called his "cozy" relationship with officials in the Bahamas, where the cryptocurrency exchange was based.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Prosecutors hammer at Sam Bankman-Fried’s credibility in FTX fraud trialProsecutors pointed to discrepancies between public comments Bankman-Fried made and decisions taken behind the scenes.
Source: MarketWatch - 🏆 3. / 97 Read more »
Prosecutor takes aim at FTX founder Sam Bankman-Fried's credibility during trialA prosecutor questioned the FTX founder's testimony during his fraud trial, confronting him over whether his statements after the company imploded were truthful.
Source: latimes - 🏆 11. / 82 Read more »
Prosecutor takes aim at Sam Bankman-Fried's credibility at trial of FTX founderA prosecutor has attacked the credibility of Sam Bankman-Fried's testimony at his fraud trial, confronting him over whether he was truthful during his public appearances after FTX filed for bankruptcy last year.
Source: KPIXtv - 🏆 443. / 53 Read more »
Sam Bankman-Fried Trial: FTX Founder Testifies For Third DaySam Bankman-Fried faces multiple fraud charges in the collapse of his cryptocurrency firm FTX. Bankman-Fried continues his testimony today.
Source: WSJ - 🏆 98. / 63 Read more »
Sam Bankman-Fried Trial: FTX Founder Testifies For Third Day - Live From the CourtroomSam Bankman-Fried faces multiple fraud charges in the collapse of his cryptocurrency firm FTX. Bankman-Fried continues his testimony today.
Source: WSJ - 🏆 98. / 63 Read more »
LIVE: Sam Bankman-Fried Takes the Stand for a Third Day in FTX Fraud TrialNikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.
Source: CoinDesk - 🏆 291. / 63 Read more »