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Cryptocurrencyfraud Trial

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cryptocurrencyfraud-trial2 years ago•6 min saved

"Sam Bankman-Fried's Testimony Dominates FTX Trial: Live Updates"

FTX founder Sam Bankman-Fried faced pointed cross-examination during his fraud trial over the collapse of the bankrupt cryptocurrency exchange. Assistant US Attorney Danielle Sassoon questioned Bankman-Fried about his role as CEO, his statements to the media and Congress, and the special treatment of FTX's sister company, Alameda Research. Bankman-Fried offered vague responses and claimed not to recall certain conversations or statements. Sassoon also pressed him on his public advocacy for crypto regulation, his promotion of FTX, and his derogatory comments about customers. Bankman-Fried acknowledged that Alameda could withdraw billions from FTX without being subject to the auto liquidation protocol. The trial continues.

via CNN|

#cryptocurrency-exchange #cryptocurrencyfraud-trial #danielle-sassoon

cryptocurrencyfraud-trial2 years ago•4 min saved

Sam Bankman-Fried's Fraud Trial: Unveiling the Defense Strategy

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, is expected to defend himself at his fraud trial by arguing that he did not believe the use of customer funds was improper and challenging the credibility of those who claim otherwise. Bankman-Fried's defense may rely on the argument that he lacked criminal intent despite making mistakes that led to FTX's collapse. However, testimony from former colleagues who have pleaded guilty and are set to testify against him could undermine his claim of good faith. Prosecutors allege that Bankman-Fried approved the use of customer funds and altered FTX's code to benefit his hedge fund. The trial will determine whether fraud occurred.

via Reuters|

#cryptocurrency #cryptocurrencyfraud-trial #customer-funds