Eva Green
New member
FTX founder Sam Bankman-Fried told a jury Friday that he didn't carry out misrepresentation and didn't take client funds, starting his defense against criminal accusations that he took billions from his cryptocurrency exchange and spent the cash on ventures, political gifts, and land.
He did, in any case, say that he "committed various little errors and various serious mistakes." His biggest mistake, he said, was not having a chief risk officer.
"Many users were affected," he said.
His profoundly expected testimony started Friday morning with inquiries from his lawyer Mark Cohen that endeavored to address the core of the public authority's argument against his client.
Investigators have alleged that Bankman-Fried intentionally took reserves that had a place with FTX clients and secretly lent the resources for his crypto firm Alameda Exploration. They produced several key witnesses over the last month who verified those claims
Cohen on Friday inquired as to whether he defrauded anybody.
Bankman said he neither defrauded nor took customer funds.
Thursday, in a meeting without the jury present, the 31-year-old business person said FTX legal counselors took part in drafting the organization's strategies that he then followed.
He said during that meeting that he accepted that his crypto exchanging firm Alameda Exploration was permitted to get client cash stored with FTX due to a "terms of administration" record and another non-public understanding drafted with assistance from FTX's top legal counselor.
Criminal protection lawyer Adam Kamenstein said an endeavor to project some degree of fault on his legal counselors could blow up.
"It's a cliche ... it’s a story that’s been told many times," Kamenstein said.
'I couldn't have told you the details' he said.
Moreover he accepts he didn’t knew about fiat liabilities of Alameda, but it wasn't until October or November 2022, Bankman-Fried testified, that he learned the account had a negative $8 billion balance.
"I was very surprised," he testified, saying he had previously known of $2 billion in Alameda liabilities. The additional $8 billion brought Alameda's negative balance to $10 billion.
"Did you believe it could be paid back?" his lawyer asked him. "Yes," Bankman-Fried said, explaining that he told Ellison he was "more than happy" to pledge his own assets as a solution.
He did, in any case, say that he "committed various little errors and various serious mistakes." His biggest mistake, he said, was not having a chief risk officer.
"Many users were affected," he said.
His profoundly expected testimony started Friday morning with inquiries from his lawyer Mark Cohen that endeavored to address the core of the public authority's argument against his client.
Investigators have alleged that Bankman-Fried intentionally took reserves that had a place with FTX clients and secretly lent the resources for his crypto firm Alameda Exploration. They produced several key witnesses over the last month who verified those claims
Cohen on Friday inquired as to whether he defrauded anybody.
Bankman said he neither defrauded nor took customer funds.
Thursday, in a meeting without the jury present, the 31-year-old business person said FTX legal counselors took part in drafting the organization's strategies that he then followed.
He said during that meeting that he accepted that his crypto exchanging firm Alameda Exploration was permitted to get client cash stored with FTX due to a "terms of administration" record and another non-public understanding drafted with assistance from FTX's top legal counselor.
Criminal protection lawyer Adam Kamenstein said an endeavor to project some degree of fault on his legal counselors could blow up.
"It's a cliche ... it’s a story that’s been told many times," Kamenstein said.
'I couldn't have told you the details' he said.
Moreover he accepts he didn’t knew about fiat liabilities of Alameda, but it wasn't until October or November 2022, Bankman-Fried testified, that he learned the account had a negative $8 billion balance.
"I was very surprised," he testified, saying he had previously known of $2 billion in Alameda liabilities. The additional $8 billion brought Alameda's negative balance to $10 billion.
"Did you believe it could be paid back?" his lawyer asked him. "Yes," Bankman-Fried said, explaining that he told Ellison he was "more than happy" to pledge his own assets as a solution.
