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Sam Bankman-Fried FTX

Sam Bankman-Fried’s Defense Breaks Down: Testifies To Issues Within FTX

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in FTX, Sam Bankman-Fried
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), continued on October 31, with the prosecution cross-examining the defendant. Despite the line of questioning from the prosecutor, SBF managed to spin his narrative on what went on at the crypto exchange. However, it remains to be seen if this will be enough to sway the jury. 

Sam Bankman-Fried Says He Didn’t Know Much About The Bug 

So far, the prosecution had been able to establish that Sam Bankman-Fried was in the know of everything that went on at the defunct crypto exchange and trading firm Alameda Research and, in fact, was the mastermind of all the illicit activities that went on there.

Related Reading: Bitcoin Spot ETF: Experts Debate Chances Of SEC ‘Rugpull’

With this in mind, the defendant was hell-bent on creating doubts in the minds of the jury members. While on cross-examination, the defendant feigned ignorance to some of the questions put forward by the federal prosecutor as to what went on at both companies.

The prosecution asked the defendant if his employees had told him about the bug in the fiat account. In response, he stated that he only became aware because he overheard when they were talking about it. However, he was too preoccupied to deal with the situation at the time. 

As to why he didn’t follow up on it, Sam Bankman-Fried stated that his employees had told him that they were working on it, and considering the amount of faith he had in them, he trusted them to handle it. He also alluded to how they worked as a team at the crypto exchange, and he wasn’t necessarily in charge of handling everything, as everyone had tasks delegated to them. 

FTX Founder Feigns Ignorance To Happenings At Alameda

While still on cross-examination, the FTX founder was asked about who made the trading decisions at Alameda, of which he suggested that he wasn’t aware of some of the things that went on in the firm despite being the CEO at the time.

He was quick to point out that former associate and Alameda’s ex-CEO Caroline Ellison was the head of trading at the time the North Dimension account was set up. 

The defendant, however, seemed to shoot himself in the leg when he stated that he believed that spending customers’ deposits “folded” into risk management. Probably to show good faith, he then stated that he was simply concerned about customers’ portfolios during his time as CEO of Alameda. 

Related Reading: Algorithm Predicts XRP Price 40% Jump To $0.8, The Timeline Will Shock You

Meanwhile, Bankman-Fried also admitted that he “was paying attention but not as much” but as much as he should have as the CEO of FTX. From his testimony, it is evident that the defendant is simply trying to counter the statements of his former associates that he was totally in control of everything that went on in both companies. 

The trial is set to continue on November 1, with the defense expected to close its case this week, after which the case will move on to rebuttals. The case is expected to come to a close by the end of next week, with a verdict from the jury coming soon after. 

FTX FTT Token price chart from Tradingview.com (Sam Bankman-Fried Trial Defense)

FTT bulls maintain dominance above $1.2 | Source: FTTUSDT on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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