SBF on Trial news for 11-02-2023 Defense Rests
Nov 2, 2023 ·
2m 52s
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Sam Bankman-Fried Trial: Defense Rests, Closing Arguments to BeginThe defense team for Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, rested its case on Tuesday, October 31, 2023,...
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Sam Bankman-Fried Trial: Defense Rests, Closing Arguments to BeginThe defense team for Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, rested its case on Tuesday, October 31, 2023, after Bankman-Fried testified for the fourth and final day.Bankman-Fried's testimony was central to his defense, as he sought to convince the jury that he was not aware of the fraudulent activities that led to the collapse of FTX. He testified that he was focused on the high-level vision of the company and that he trusted his deputies to handle the day-to-day operations.Bankman-Fried also testified that he did not learn that Alameda Research, a trading firm that he also founded, had borrowed billions of dollars in customer funds from FTX until the fall of 2022, months before the exchange's collapse.The prosecution's case against Bankman-Fried is based on the allegation that he knowingly used customer funds to cover losses at Alameda Research and to fund other risky investments. The prosecution has presented evidence that Bankman-Fried lied to investors about the financial health of FTX and that he concealed the fact that Alameda Research was borrowing customer funds.Highlights from Bankman-Fried's testimony in the past 24 hours:
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- Bankman-Fried testified that he was not aware of the fraudulent activities that led to the collapse of FTX.
- He said he was focused on the high-level vision of the company and that he trusted his deputies to handle the day-to-day operations.
- Bankman-Fried also testified that he did not learn that Alameda Research, a trading firm that he also founded, had borrowed billions of dollars in customer funds from FTX until the fall of 2022, months before the exchange's collapse.
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