Sam Bankman-Fried's Testimony and Cross-Examination Unveiled in FTX Trial
Sam Bankman-Fried, founder of the failed FTX cryptocurrency exchange, denied knowing about the misappropriation of billions of dollars in customer money until shortly before the company collapsed during his criminal fraud trial. Bankman-Fried fumbled for answers when questioned about directing employees not to spend customer money on investments and expensive purchases. Both sides rested their case, and closing statements are scheduled for Wednesday. Bankman-Fried has been accused of orchestrating a fraud scheme to steal up to $10 billion from FTX customers and using the funds for personal expenses and to support another crypto trading firm he founded.