SBF Takes the Stand
After the testimonies from several of his ex-compatriots, disgraced FTX founder Sam Bankman-Fried recently took the stand for his criminal trial. Beginning earlier this month, the trial against SBF caught mass media attention as FTX, which once stood as a pioneer in the crypto space, faced backlash as an alleged Ponzi scheme. By accepting customers’ funds and assets and transferring them to its sister company Alameda Research, SBF and other FTX executives were able to launder money that eventually became lost during its Chapter 11 bankruptcy. Now, following testimonies from Carolyn Ellison, CEO of Alameda Research, and Nishad Singh, former engineering director at FTX, SBF has taken the stand himself in a bid to defend his actions that caused the losses of over $8 billion in assets.
Last Thursday, SBF began his criminal defense by proclaiming all his actions were guided through legal advice, including deleting text messages, and making loans for himself. After placing the blame on lawyers, it was noted that SBF couldn’t come up with any specific interactions once he was cross-examined by the prosecution team. Continuing on the witness stand on Monday, prosecutors were attempting to establish that SBF previously championed Alameda for being neutral without any conflicts of interest. After being unable to recollect the statement, he was then questioned over luxurious purchases which included a $23 million acquisition of his favorite video game company. Nevertheless, the trial will continue this week and throughout the latter half of this year as prosecutors attempt to find the ex-CEO guilty of fraud, money laundering, and a plethora of other conspiracy charges.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.