Sam Bankman-Fried claimed in court more than 100 times on Monday that he could not remember aspects of his alleged theft of $10 billion from FTX users, but admitted his hedge fund was able to “borrow” a fortune from his exchange of cryptocurrencies.
The slippery fallen king of cryptocurrencies, 31, said again and again on the witness stand at his trial in Manhattan federal court that he couldn’t remember or “wasn’t sure” what he said in public about his businesses, including its constants, are committed to keeping FTX users’ funds “safe.”
He also repeatedly denied remembering what he said privately, where he called some members of the crypto community “dumb sons of bitches” and confessed to a journalist that his public push for government oversight was “just public relations.”
Prosecutor Danielle Sassoon then presented the jury with a mountain of tweets, emails and podcast clips revealing that the MIT graduate did, in fact, say dozens of things he claimed not to have remembered.
After much pressure, Bankman-Fried finally confirmed one aspect of prosecutors’ sprawling fraud and conspiracy case: that her Alameda hedge fund, in an unprecedented deal, could withdraw billions of dollars it did not own from FTX using a method almost unlimited. credit line.
Sam Bankman-Fried claimed in court more than 100 times on Monday that he did not remember aspects of his alleged theft of $10 billion from FTX users.REUTERS
“That could be true,” said the former cryptocurrency golden boy, dressed in a gray suit and purple tie and occasionally drinking from a plastic water bottle.
“You don’t deny it?” —Sasson asked.
“I don’t deny it, no,” Bankman-Fried responded.
But the disgraced former tycoon appeared to retract that statement hours later.
“Was Alameda allowed to exceed normal borrowing limits on the platform?” Sassoon asked after the trial resumed after a lunch break.
“I’m not sure,” Bankman-Fried responded.
The defendant, who faces what would essentially be a life sentence if convicted, appeared agitated at several points during the hearing, responding to some of the rare questions to which he responded directly with a dry, “Yes.”
Caroline Ellison, the fund’s chief executive and his ex-girlfriend, were ordered to make a trade. AP//Eduardo Muñoz Álvarez Ellison finds and points out Sam Bankman-Fried during Bankman-Fried’s fraud trial for the collapse of FTX, the bankrupt cryptocurrency exchange on October 10, 2023. REUTERS
He also attempted to ask Sassoon to “reword” certain questions, prompting a reprimand from a federal judge.
“Could you just answer the question instead of trying to ask him what he means?” Judge Lewis Kaplan said exasperatedly to the accused fraudster.
When asked if he was “involved” in trading at Alameda (a hedge fund he owned 90% of), Bankman-Fried replied: “It depends on what you mean by trading.”
Sassoon then showed the jury several instances in which Bankman-Fried ordered his lieutenants to make transactions in Alameda, including a text message exchange in which he ordered Caroline Ellison, the fund’s chief executive and his ex-girlfriend, to make a transaction. .
“Sounds good,” Ellison responded.
“Haha,” Bankman-Fried responded.
Bankman-Fried admitted that his hedge fund was able to “borrow” a fortune from his cryptocurrency exchange.REUTERS
After Bankman-Fried repeatedly claimed she didn’t “remember” public promises to keep user funds safe, including in a strange, quick exchange in which she said, “No, but I may have” three times In a row, Sassoon showed jurors screenshots of tweets, announcements and congressional testimony that revealed he made such claims extensively.
The defendant did not even give a direct answer when asked if he considered himself a “smart guy” (he answered “in many ways, not in others”) and if he “called the shots” as FTX’s COO.
“Some of them,” the California native responded.
At one point, Sassoon suggested that Bankman-Fried has a talent for “telling a good story,” noting how she won over investors and customers to her platform.
“Would you agree that you know how to tell a good story?” —Sasson asked.
“I don’t know,” Bankman-Fried responded, adding, “It depends on what metric you use.”
Bankman-Fried is currently incarcerated at the Brooklyn Metropolitan Detention Center. His case will continue on Tuesday.
Categories: Trending
Source: vtt.edu.vn