Sam Bankman-Fried's perspective on FTX fall
Sam “SBF” Bankman-Fried took the stand this week to testify in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research, while acknowledging making "big mistakes" during the companies’ fast-paced growth.
His official testimony started on Oct. 27, after a hearing on the previous day without the jurors present. During the hearing, Bankman-Fried struggled to answer questions raised by government attorneys, whereas he appeared much better prepared the following day to face the jury.
A few highlights of Bankman-Fried’s testimony this week include denying directing his inner circle to make millionaire political donations in 2021, as well as claims that FTX's Term of Uses covered transactions between Alameda and the crypto exchange. Moreover, the former CEO stated that he had requested additional hedging strategies for Alameda throughout 2021 and 2022, but they were never implemented.
The defense is expected to conclude Bankman-Fried’s examination on Oct. 30, followed by the prosecution’s cross-examinations and closing arguments from both sides. Prosecutors also hinted about a possible rebuttal witness next week — someone who is called to prove that the testimony of another witness is false or inaccurate.
Bankman-Fried could be jailed for 115 years if found guilty of all fraud and conspiracy counts. Cointelegraph’s on-the-ground coverage of his testimony is summarized below.
Bankman-Fried denied in court having directing Ryan Salame, former co-CEO of FTX Digital Markets, and Nishad Singh, former director of engineering, to funnel millions of dollars in contributions to political campaigns.
According to data available on OpenSecret, Singh gave $8 million to federal
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