The FTX app and phrases of service informed prospects the cash they placed on the change was being stored for them “as in the event that they had been sitting proper there” – however, in actuality, Bankman-Fried diverted these funds to “smaller and secretive firm” known as Alameda Analysis and spent them on “luxuries” for himself, his family and friends members, Rehn informed the court docket. As well as, Bankman-Fried used the cash to make political donations that allowed him to curry favor with highly effective folks on Capitol Hill, Rehn stated.
