SBF says spending FTX customers’ money was part of ‘risk management’: Report
At the time of bankruptcy, FTX faced a shortfall of $8 billion owing to its customers.
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At the time of bankruptcy, FTX faced a shortfall of $8 billion owing to its customers.
Bankman-Fried’s attorneys have made several requests in the past few months, ranging from early bail to vegan food and prescription drugs.
Sam Bankman-Fried was the final witness to take the stand after more than three weeks of testimonies in court.
The disgraced crypto executive frequently praised the need for crypto regulation in public.
Sam Bankman-Fried testified in court this week, denying any wrongdoing between FTX and Alameda Research despite admitting “big mistakes."
The former FTX CEO reportedly said the donations made in his name came from “loans from Alameda Research” as part of efforts to influence U.S. regulations on crypto.
The former FTX CEO faces seven counts of conspiracy and fraud. A New York court will decide his fate.
As the final witness in his defense case, the former FTX CEO placed some of the blame for the crypto exchange’s failure on Gary Wang and Nishad Singh.
The former FTX CEO returned to the witness to present his testimony to a jury of 12 people as the criminal trial begins to reach its final stages.
Binance CEO Changpeng Zhao’s crypto empire has fallen over 80% from its January 2022 peak of almost $97 billion.