Sam Bankman-Fried, during his last hours on the witness stand, struggled through a withering cross-examination focused on the last days of his FTX crypto exchange.
Assistant U.S. Atty. Danielle Sassoon drilled down on Bankman-Fried’s claims that others were to blame for the failures that led to the collapse of FTX in November 2022 and its affiliated hedge fund, Alameda Research. She pushed the 31-year-old to take responsibility for Alameda’s misuse of customer funds. “When you claimed you learned in September and October that $8 billion had been spent, what, if anything, did you know about who had spent it?” she asks.
Several former FTX executives, including Caroline Ellison, his former girlfriend and chief executive of Alameda, testified that Bankman-Fried used money that Alameda had borrowed from FTX customer funds to repay lenders and make multibillion-dollar venture investments. During the more combative moments in cross-examination, when Bankman-Fried danced around questions, jurors appeared to smile and glance at one another.
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