Former FTX chief govt Sam Bankman-Fried has reportedly determined to testify in courtroom after his colleagues took the witness stand to offer proof.
In a prolonged thread on the social media platform X, Inside Metropolis Press reports that Bankman-Fried’s lawyer has acknowledged that his shopper will testify after the protection’s three witnesses to be able to rebut statements made by staff of FTX.
Earlier within the trial, ex-Alameda Analysis CEO and Bankman-Fried’s ex-girlfriend, Caroline Ellison, instructed the courtroom that she was directed by Bankman-Fried to commit fraud.
Based on Ellison, Alameda took about $14 billion price of FTC buyer funds between 2020 and 2022 underneath the route 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 alternate listed as an “insurance coverage fund” was in actuality a pretend account.
Based on Wang, the fund didn’t even have the quantity of backstop funds it claimed to have in it, resembling $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, Inside Metropolis Press reporter Mathew Russell Lee says that Ellison’s testimony was notably damning for Bankman-Fried.
“I believe Ellison was a really sturdy 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 unbelievable $65 billion line of credit score with FTX [and] that when individuals thought they had been sending in cash to commerce on the FTX platform, it was being diverted to Alameda, however she says very a lot ‘Sam instructed me to do that.’”
Bankman-Fried is at the moment on trial for mishandling billions of {dollars} price of buyer funds in addition to defrauding buyers. If convicted, he confronted many years behind bars.
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