Sam Bankman-Fried (SBF), the founder of the former cryptocurrency exchange FTX, recently defended his actions during a court testimony. He argued that spending $8 billion of FTX clients’ fiat deposits was part of “risk management.” Moreover, he highlighted the challenges he faced balancing his roles. As CEO of Alameda Research, he was more focused on their portfolio, admitting he might not have paid enough attention to FTX.
Additionally, Bankman-Fried made it clear that no employees were terminated in relation to the alleged use of $8 billion for speculative trading. When pressed by prosecutor Danielle Sassoon on specific employee involvement, Bankman-Fried simply stated he wasn’t aware of particular individuals linked to the issue.
Sam Bankman-Fried Denies Settling Nation’s Debt
During the trial, the close relationship between FTX and the Bahamian government became evident. Sassoon unveiled messages hinting at Bankman-Fried offering floor side seats at the Miami Heat Arena to the Bahamas prime minister. Although SBF couldn’t recall the incident, the message indicated the prime minister enjoyed FTX’s courtside seats with his spouse.
Furthermore, it was suggested that…
