Facing seven criminal charges related to fraud at FTX and Alameda Research, Sam Bankman-Fried addressed a jury for the first time in his criminal trial on Oct. 27.
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 jury overseeing the criminal trial of Sam “SBF” Bankman-Fried listened to the former FTX CEO’s testimony for the first time, which involved largely denying knowledge of fraudulent activities at the crypto exchange.
“At the time, I wasn’t entirely sure what was happened,” Bankman-Fried reportedly said regarding Alameda’s line of credit. “I thought the funds were being held in a bank account, or sent to FTX in stablecoins. If Alameda was keeping it, I figured it would be reflected as a negative number on FTX.” On former Alameda co-CEOs Caroline Ellison and Sam Trabucco, Bankman-Fried reportedly said they were “a good team” but criticized Ellison’s experience:
“Caroline was a good manager, empathetic. She was not a software developer. She was good at doing research. She had not focused on risk management.”How Google’s AI legal protections can change art and copyright protections
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