Former FTX chief govt Sam Bankman-Fried has reportedly determined to testify in court docket after his colleagues took the witness stand to supply proof.
In a prolonged thread on the social media platform X, Interior Metropolis Press reports that Bankman-Fried’s lawyer has acknowledged that his consumer will testify after the protection’s three witnesses with a purpose to rebut statements made by staff of FTX.
Earlier within the trial, ex-Alameda Analysis CEO and Bankman-Fried’s ex-girlfriend, Caroline Ellison, advised the court docket that she was directed by Bankman-Fried to commit fraud.
In accordance with Ellison, Alameda took about $14 billion value of FTC buyer funds between 2020 and 2022 underneath the path of Bankman-Fried. She additionally famous that Alameda doctored its stability sheets to make the agency appear much less dangerous to lending corporations.
Days earlier than that, FTX co-founder Gary Wang testified in opposition to Bankman-Fried, saying that what the crypto change listed as an “insurance coverage fund” was in actuality a pretend account.
In accordance with Wang, the fund didn’t even have the quantity of backstop funds it claimed to have in it, comparable to $5.5 million in money and 5 million FTT (FTX token). Wang notes that FTX made up the quantity of USD within the account utilizing a system that included a random quantity generator.
In a latest interview on the This Week in Startups podcast, Interior Metropolis Press reporter Mathew Russell Lee says that Ellison’s testimony was significantly damning for Bankman-Fried.
“I believe Ellison was a really robust witness as a result of… she [described] the way it labored and she or he’s pled responsible – she acknowledges that she knew that Alameda had this unimaginable $65 billion line of credit score with FTX [and] that when folks thought they have been sending in cash to commerce on the FTX platform, it was being diverted to Alameda, however she says very a lot ‘Sam advised me to do that.’”
Bankman-Fried is presently on trial for mishandling billions of {dollars} value of buyer funds in addition to defrauding traders. If convicted, he confronted a long time behind bars.
I
Do not Miss a Beat – Subscribe to get electronic mail alerts delivered on to your inbox
Verify Worth Motion
Observe us on Twitter, Fb and Telegram
Surf The Day by day Hodl Combine
Featured Picture: Shutterstock/Mia Stendal
