SBF Testifies: “F-ck Regulators”
Sam Bankman-Fried (SBF) continued his testimony while fielding grilling questions from the prosecution in Manhattan federal court on Monday morning.
The defense finished their direct examination of Bankman-Fried earlier this morning, prompting Bankman-Fried to begin his cross-examination conducted by US Assistant Attorney Danielle Sassoon.
Sassoon began Bankman-Fried’s cross-examination by pushing the often circuitous Bankman-Fried to answer the questions presented directly, which included a number of statements Bankman-Fried made to the public and media.
In a number of tweets, Bankman-Fried wrote that FTX was the “most regulated crypto exchange by far” and that “funds and safety come first” on the platform. Similarly, in November 2022, Bankman-Fried claimed that Alameda played by the same rules as everyone else on the exchange.
In October 2022, Bankman-Fried claimed that customers would always be allowed to withdraw whatever funds they had on FTX. However, nearly two weeks later, Bankman-Fried’s crypto empire would collapse.
Moreover, Sassoon grilled Bankman-Fried on the relationship between FTX and its sister company, Alameda Research, causing the soft-spoken Bankman-Fried to hesitate. In several instances, Judge Kaplan asked Bankman-Fried to answer the question he was asked after the defendant failed to do so adequately.
“Would you say you were not at all involved in Alameda’s trading in 2022,” Sassoon questioned.
“It depends on how you define trading,” the FTX founder responded.
In another pointed moment during his time on the witness stand, Bankman-Fried was asked to read Twitter messages he sent to journalist Kelsey Piper in November 2022, which included admitting that much of what he said in regards to regulation was
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