Testifying in court docket however with out the jury for his legal trial current, Sam “SBF” Bankman-Fried confronted questions from prosecutors, who pressed the previous FTX CEO on his alleged involvement in utilizing buyer funds for investments via Alameda Analysis.
In response to experiences from the New York courtroom on Oct. 26, Bankman-Fried denied figuring out why crypto alternate FTX started shifting person funds from a checking account with Alameda to a agency known as North Dimension — a “shadowy entity” allegedly used for cash laundering. SBF prompt that banks could have been extra comfy with North Dimension, avoiding well-known hedge funds linked to crypto like Alameda.
Bankman-Fried reportedly stated he wasn’t closely concerned in North Dimension however didn’t recall discussions with auditors about FTX person funds going to the entity in addition to Alameda:
“I ought to say, I’m not a lawyer, I’m simply making an attempt to reply primarily based on my recollection. […] On the time [at] FTX, sure clients thought accounts could be despatched to Alameda.”
SBF’s testimony, made in a court docket listening to with out the jury current, was one of many final displays by his protection workforce, consisting of attorneys Mark Cohen and Christian Everdell. He testified to believing that taking FTX deposits via Alameda Analysis was authorized beneath questioning from his attorneys. On the identical time, prosecutors requested about his function within the retention of paperwork and communications at FTX and Alameda.
“The witness has an fascinating approach of responding to questions,” stated Choose Kaplan on SBF’s testimony to this point.
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The legal trial, which began on Oct. 3 after months of preparation, will probably finish inside the subsequent seven days following Bankman-Fried’s testimony and shutting arguments from either side. Bankman-Fried might face conviction on as much as seven expenses within the present trial however can also be anticipated to handle 5 extra legal counts in a second trial in March 2024.
