Former CEO of FTX Sam Bankman-Fried tells the court about interpersonal problems, political donations, and financial misbehavior.
On October 27, the former CEO of FTX, Sam Bankman-Fried (SBF), gave testimony on political donations that came from the cryptocurrency exchange.
Courtroom reports state that Bankman-Fried explained that he never discussed donations to U.S. politicians with either Ryan Salame, the former co-CEO of FTX Digital Markets, or Nishad Singh, the former engineering director of FTX.
Notably, SBF stated that “loans from Alameda Research” were the source of the contributions given in his honor. This was a calculated action maybe to sway the American government’s position on bitcoin laws.
However, he mentioned, “Some were [supportive of] FTX for cryptocurrency lobbying. Some, not most.” The subject of Bankman-Fried’s private life also came up. The defense lawyer, Mark Cohen, went into detail about what caused SBF and Caroline Ellison to break up.
In his frank reply, Bankman-Fried brought up a persistent problem in his relationships, saying, “She wanted more than I could give. It wasn’t the first time with me.”
Ellison believed the relationship deteriorated since SBF didn’t spend as much time with her. More lightheartedly, when Cohen brought up SBF’s laid-back aesthetic, the former CEO of FTX merely replied that his hair was a product of his natural laziness and that he felt most at ease in T-shirts and shorts.
SBF Rejects Claims of Financial Misconduct
Furthermore, Bankman-Fried vehemently denied allegations of misappropriating FTX consumers’ money. There had been accusations that he focused his energy on Alameda, allowing the business to embezzle client money.
Gary Wang, the former chief technology officer of FTX, and a few other witnesses stated in court that SBF allowed Alameda to trade with more money than it could access.
The outcome of the U.S. Department of Justice’s attorneys‘ cross-examination, which is anticipated to end next week, will ultimately determine the verdict.
